Manulife Financial To Sell $2.37B In Stock

Law360, New York (November 19, 2009, 12:50 PM EST) -- Manulife Financial Corp., Canada's largest life insurer, has announced plans to sell up to CA$2.5 billion ($2.37 billion) in common shares to finance future acquisitions and beef up its capital to “fortress” levels.

The Toronto-based company said Wednesday the share offering — the second in a year — would inject the highest level of capital into the company since it went public.

Manulife CEO Donald Guloien said the offering would securely position the insurer for the long term and would give the company “tremendous flexibility.”...
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