France enlarges Engie block to €1.1bn and prices it well

Vestas 230x150
By Aidan Gregory
11 Jan 2017

Shares of Engie, the power and gas company, traded solidly on Wednesday and Thursday after the French government's block trade in the stock on Tuesday night won strong demand, enabling the lead managers to increase it by 10% and price above the bottom of the marketed range.

The sale was not conducted as a risk auction. It was lead managed by Goldman Sachs and Société Générale.

A banker on the deal declined to comment on whether any investors had been wall-crossed.

Launched at 6pm Paris time at €11.37 to market, the block initially consisted of 90m shares, ...

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