Denmark's plan to inject billions of dollars into Orsted A/S has sparked political backlash at a time when taxpayers are already spending more on defense and the fiscal bonanza from drug giant Novo Nordisk A/S is fading.

The Danish government, which owns a 50.1% stake in the offshore wind giant, said on Monday it would contribute just above half of the funds to the company's $9.4 billion rights issue and defend its majority holding.

The capital injection, Orsted's largest to date, sent shares tumbling as much as 29% in Copenhagen trading, wiping billions off its market value and underscoring investor skepticism toward the company's strategic overhaul.

The government's decision to back the full capital raise caught many by surprise, particularly given the junior coalition partner the Lib

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