6/27/2008

Shares of Fortis dropped 19% Thursday after the bank said it planned to raise $12.5 billion to help it cope with the global credit crunch. "We believe that 2008 will be a difficult year for our industry and we do not expect an improvement in the economic environment soon," chief executive Jean-Paul Votron said. The company made an effort to assure investors its solvency is strong.

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