Orthodox Osborne plays safe on £17bn Lloyds privatisation
The UK Chancellor of the Exchequer this week signalled the start of preparations for a £5bn or larger institutional placement of Lloyds Banking Group shares which could come later this year or early in 2014. A vanilla deal that takes the government to within one shot of disposing of its 39% stake, which could be worth £17bn, is possible at the breakeven price, say ECM bankers.
Banks are likely to be asked to participate in an appointment process soon so that an adviser can be in place in time for a trade to be ready after the summer break.
“We are actively considering options for share sales in Lloyds,” said George Osborne in his
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