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Rolls-Royce has announced it will seek to raise £3bn to bolster its finances after a “sharp deterioration” in civil aerospace because of the pandemic.

The plane engine maker will tap shareholders for £2bn though a rights issue and the remainder will come from issuing new bonds.

There has been speculation for weeks that Rolls-Royce will seek funding.

The company has been severely affected by the slowdown in air travel because of coronavirus.

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