Volatility strikes again as Konkola postpones
Konkola Resources bowed to the eurozone debt crisis and on Tuesday postponed its planned $1.1bn plus London IPO after two weeks’ pre-marketing but before formally launching the deal. India’s Vedanta Resources was planning to sell a stake in the business through a Goldman Sachs and JPMorgan-led sale.
The company cited year-end approaching and the current stock market volatility, and said it would pursue the listing in 2011.
Everyone always cites market conditions but in the eurozone and Korea siutations, market conditions did get materially worse, said one banker familiar with the deal. Its a high quality
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