CELL CELL CELL Cellnex kicks off a rights issue on Monday - it's third in just 16 months - as the Spanish mobile tower operator seeks to build up a war chest for possible future acquisitions. At €4bn, it's likely to be one of the biggest equity deals of the year, with bankers confident of success after a €2.5bn cash call back in November was swamped with €100bn of orders. But the latest rights issue won't have the full backing of the company's main shareholder Edizione, which represents the billionaire Benetton family. It has said it will not be taking up all of its rights, and last week sold €750m of shares in Cellnex as part of a tail swallow to help fund the rights that it will take up. Whether that and the vague use of proceeds hurts the deal remains to be seen.
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