France sells Eu3.7bn EDF stake but Sarkozy spoils deal with leak
The French government sold Eu3.695bn of stock in French power company EDF on Monday, but the deal misfired — the government raised less money than expected and the banks managing the deal were left holding some of the stock.
The sale suffered from two closely linked problems. First, President Nicolas Sarkozy made a premature announcement of the placing last Thursday (November 29), sending the stock plummeting for days afterwards.
Second, the banks that bid for the deal the following day appear to have misjudged the likely market reaction
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