French property group Klepierre has become the latest European company to launch a rights issue to raise capital for a proposed acquisition, despite the volatility in the stock market, as bankers and analysts predict that consolidation will drive equity capital market activity next year.

Klepierre announced today that it will raise €356m ($459m) via a rights issue, offering shareholders one new share for every six held at a price of €15 per share, a 26% discount to the company's closing share price yesterday.