Equity-linked stumbles on GBL-GDF Suez structure
Groupe Bruxelles-Lambert, the Brussels-based holding company, raised €1bn from a bond exchangeable into half of its GDF Suez stake on Thursday but not until the aggressive structure and terms at launch had been revised. The first big stumble in the equity linked market for months was blamed by observers on a competitive mandate process that fell short of an auction and some over-ambitious banks.
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