MetLife eyes takeover trail after raising capital

At a time when many companies are looking for capital to survive, MetLife is going on the offense to capitalize on opportunities.

The life insurer said it would sell 75 million common shares, or about $2.76 billion based on Tuesday’s closing price, to supplement its capital position, money that would be used for both general corporate purposes and potential strategic initiatives.

MetLife CEO Robert Henrikson said he sees a lot of “real opportunities.”

“We are in a position that others are not in,” Henrikson said. “There’s a lot of chop out there, but this is a very exciting time for us … and we intend to take advantage of it.”

But not everyone was thrilled by the prospect of the largest U.S. life insurer using the capital to go on the acquisition trail. Shares in the company, which also withdrew its 2008 earnings guidance and said it plans to cut an unspecified number of jobs, fell some 16 percent, bringing the total decline since the end of September to about 46 percent.

(Photo credit: Reuters)