Alstom sells €350m of shares in rare French ABB
French heavy engineering firm Alstom sold €350m of shares on Monday evening, 4.26% of its share capital, in the first French capital raise through an accelerated bookbuild since 2006. The deal received a rough reception in early trade after Tuesday’s open with one bookrunner blaming broker reports that questioned the rationale for the capital raise.
Joint bookrunners Credit Agricole, BNP Paribas, Natixis and Société Générale launched a deal of 300m with a 50m increase option after market close on Monday. The book was covered an hour later, before closing at 8pm in Paris. Shares were allocated overnight.
The deal was comfortably subscribed, said bankers.
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