Wolseley confirms £1bn rights issue

Shareholders at building materials giant Wolseley have rubber-stamped plans for a £1bn rights issue.

The move was agreed at a General Meeting today.

Chairman John Whybrow said: "We thank shareholders for their support.  Following the completion of the comprehensive financial restructuring the Company's balance sheet will be substantially strengthened.

"In addition, the clear focus on those core markets where Wolseley has built leading positions will enable the Group to maintain investment in our key most profitable markets and remain strongly positioned to capitalise on future market recovery."