German tour operator TUI confirmed today it would raise EUR1bn ($1.2bn) to pay for its planned acquisition of CP Ships in a rights offering to existing shareholders.



Investors will be offered two new shares at EUR 14.20 each for every five currently held. The offer price represents a 27% discount on the company’s closing stock price yesterday.



Citigroup and HVB have been appointed lead managers for the sale, with Commerzbank and WestLB as co-managers.