Continental Boosts Pension Plan
After the sale, Continental will still own roughly 4.4 million Class A shares of Panama's Copa. The company is contributing $75 million of the proceeds to its pension plans, bringing its total for this year to $172 million.
Copa said last week that Continental had priced an offering of 6.56 million shares at $21.75 each. The underwriters of the stock sale had the option to buy around 984,000 additional shares to cover any overallotments.
Shares of Houston-based Continental rose 66 cents, or 2.2%, to $30.16 Wednesday. Copa lost 11 cents, or 0.5%, to $23.09.
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