Compagnie des Machines Bull SA has slightly moderated its demand for yet more cash, and now says it will increase its capital by the equivalent of $67m rather than the $80m it announced in December. It says it expects to raise $44m through the issue of new shares and $23m from the exercise of warrants by its key shareholders France Telecom SA, NEC Corp and Motorola Inc. At the end of this, the state’s direct stake in Bull will drop to 30.49% from 37%, although until France Telecom is privatized, most people would include its holding as part of the state’s stake. The stakes of France Telecom, NEC and Motorola will rise to 18.7% each from 17%; Dai Nippon Printing Co’s holding will go to 5.8% from 3.33%.
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