On top of that, they have learnt that there will be a halving of the dividend paid on their existing shares.
Behind the woes is a global downturn St-Gobain’s core housing and construction markets which have eaten into its full-year profits.
“Saint-Gobain expects 2009 to be an extremely challenging year, particularly in the first six months," Saint-Gobain told Reuters today. “The world's biggest building materials company said it would launch a rights issue by creating 108m new shares.”
Existing shareholders have until March 6 to sign up.
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