Building materials group will use cash to reduce net debt of £2.5bn
Shareholders in Wolseley have bought 98% of new shares that the building materials group issued in a £1bn rights issue.
The firm said it had made the cash call in response to the continued deterioration of the US housing market.
![Wolseley sign and worker](https://d2vhdk00tg424t.cloudfront.net/MediaLibrary/s3/ubm-library/web/n/x/p/wolseley_lead.jpg)
It plans to spend the cash on reducing net debt of £2.5bn after a 61% fall in half-year profits.
The firm has cut around 17,000 staff and shut 713 branches since August 2007.
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