French paper company Sequana has launched a €150m rights offer with the participation of the Fonds Stratégique d’Investissement (FSI), an investment organisation of the French government

Sequana, which owns Antalis and Arjowiggins, has faced pressure on margins following increases in raw material prices coupled with slow demand.

Raising €150 million, or 22% of its equity (31 December), is the first stage of Sequana’s strategic plan to make selective acquisitions in growth markets such as paper for packaging and visual communication as well as building business in emerging countries and modernising its production. The company has budgeted to spend 90 million on investment, leaving 60 million to strengthen its finances.