‘Aggressive’ contest for Open Grid Europe loan

17 May 2012

Nine banks are set to lead the financing of Europe’s highest profile infrastructure acquisition this year — the €3.2bn sale of E.On’s Open Grid Europe gas network, which bankers said had attracted "very aggressive" bidding. Bond issues are likely to follow what will initially be a €2bn loan.

"This is probably the asset of the year to date," said a banker involved in the sale process. "We thought people were bidding their brains out — it was becoming almost irrational."

Even some of the unsuccessful bids, he said, were very high, and the winning offer was substantially ...

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