Banks miss out on IPO jackpot after politics scuppers sale of Loterias
The Spanish government called off its sale of a 30% stake of Loterias y Apuestas del Estado late on Wednesday, blaming market conditions after two days of political attacks on the deal.
The decision deflated and angered bankers, who had hoped for at least one high profile deal before the end of the year with the investor education process proving that appetite existed despite the large size of around 7bn and the difficult markets.
The Spanish government had planned on selling
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