Ivanhoé Cambridge offloads most of its Gecina rights via tail swallow block trade

By Aidan Gregory
19 Jul 2017

Ivanhoé Cambridge, the Canadian real estate company that is the largest shareholder in Gecina, has sold 87% of its allocation of rights in the French property group's €1bn rights issue, through a block trade on Tuesday night.

Gecina itself also participated in the deal, selling rights it owned as a result of holding treasury shares.

Goldman Sachs was global coordinator on the sale, with Deutsche Bank and Morgan Stanley bookrunners. “It is what we call a tail swallow,” the banker on the deal said. “You sell ...

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