Banks find window for £400m Tullow Oil placing
In a week characterised by falling stock market indices, bookrunners Merrill Lynch and RBS Hoare Govett on Wednesday launched a £402m (10%) bookbuild for oil explorer Tullow. The deal marks the third of its kind by a UK company this year after the £479m placement for Scottish & Southern and a £24.7m bookbuild for HMV last week. Tullow’s shares have gained 35% since early December, but dropped 5% on Tuesday on rumours of the placement. Turn to EuroWeek on Friday for market reactions to the deal.
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