Shares (A+B) approx. 400 million, so to raise 600 million EUR in that share issue, they would need to collect approx. 1.5 EUR/share.
So, relative to the 19.5€ share price, you’d need to dig into your pockets for just under 8%, or conversely, be ready to buy one new share for every 13 held (1:13 ratio).
The share price slumped 7%; share issues are not to everyone’s taste, or then the deal is too expensive.
If the market cap on Friday was approx. 20€ x 400 million shares, i.e., 8 billion EUR, then the price drop—even on a green day—wiped out 7% x 8 billion = 560 million EUR.
Should we conclude that a purchase price of 600-700 million EUR would have been neutral…
Or that even a milder share issue is poison.