Blocks show peril and potential as ProSieben and Rexel diverge
Two deals overnight on Wednesday highlighted the potential and the peril involved in block trades as tightly-priced offers met very different fates. A €640m sale of Rexel shares was increased in size and performed strongly despite punchy pricing. But a €485m sale of ProSiebenSat.1 Media failed to get traction and might have left its bookrunner with a hefty position. The margin for error is shrinking, said bankers.
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