Orsted Plunges After Plan for $9 Billion Rights Offer

Orsted A/S shares plunged a record 29% after the Danish offshore wind giant announced plans to raise as much as 60 billion Danish kroner ($9.4 billion) in a stock sale — another setback for a company once considered a flagship of the green energy transition.

The share offering would be the biggest in the European energy sector since Enel SpA in 2009 and has sent shares below the price of its initial public offering in 2016. It confirms a Bloomberg News report from Friday.