Waterford Wedgwood told the the stock market 8 October that it could be the middle of December before it concludes a placing to raise EUR 78.7M in much-needed cash. The company blamed the current volatility in financial markets. Waterford Wedgwood's placing is part of a EUR 153.7M equity fund-raising by the troubled crystal & ceramics maker as it seeks to fund a major reorganisation of its activities. An open offer to raise up to EUR 101.7M was due to close 10 Oct, with shareholders set to vote on it at an extraordinary general meeting 13 October. The open offer includes a commitment from Sir Anthony O'Reilly & his brother-in-law, Peter Goulandris, to contribute EUR 60M to the funding round. They own 51% of the firm. Corporate Partners, a private equity fund managed by a division of investment bank Lazard, has given an undertaking to pay EUR 15M.
