Areva drops Safran stake in Eu311m placement

11 Oct 2010

Monday evening block trades are turning from a rarity to a habit in European ECM. A Eu311m chunk of French aerospace and defence firm Safran being sold by Areva, the state-owned nuclear technology company, last night followed a £409m block of Inmarsat placed a week earlier.

From a shortlist of three banks, HSBC won the bidding for the 15m-share block on Monday night, and opened books in the US with guidance of at least Eu20.23, a discount of 1.8% to the Monday close. The books were covered overnight and then closed as quickly as ...

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