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

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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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