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UPDATE 3-M&S taps investors and cuts dividend to fund Ocado deal [Reuters]

Kroger Company (The) (KR) 
Last kroger company (the) earnings: 3/5 08:30 am Check Earnings Report
US:NYSE Investor Relations: ir.kroger.com
Company Research Source: Reuters
M&S taps investors and cuts dividend to fund Ocado deal | Reuters 5 Min Read LONDON (Reuters) - British retailer Marks & Spencer will raise cash from investors and cut its dividend to finance a joint venture with online supermarket pioneer Ocado that will give M&S a full online food delivery service for the first time. Marks & Spencer (M&S), Britain’s best-known stores group, said on Wednesday it will buy a 50 percent share of Ocado’s UK retail business for up to 750 million pounds ($994 million), financed by a 600 million pounds rights issue of shares and a 40 percent cut to its dividend. Shares in M&S were down 9 percent at 0947 GMT, reflecting the equity raise, the dividend cut and fears it may have overpaid, while Ocado’s were up 1.3 percent. Both stocks had risen sharply on Tuesday after talks between the companies were confirmed following months of speculation. M&S Chief Executive Steve Rowe dismissed the suggestion that Ocado had got the better of a deal, which values the joint Show less Read more
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