Investors did not show much enthusiasm for a planned stock offering of $4.8 billion to $8.1 billion announced by Royal Bank of Scotland. Coming 15 months after RBS' last rights issue, worth $19.4 billion, the move is too soon, analysts said. The bank proposed the offering to avoid making an additional payment in equity to the U.K. government's troubled-asset guarantee scheme, a payment that would raise the government's stake in the bank to about 85%.

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