Merrill triumphs with biggest European equity sale for Fortis

12 Oct 2007

Merrill Lynch emerged jubilant this week from an underwriting position that must have made it sweat, when it completed Europe’s largest ever equity sale to the public market: Belgo-Dutch financial group Fortis’s Eu13.4bn rights issue.

The deal put Merrill Lynch’s reputation and balance sheet on the line, especially during the turbulent weeks of August and early September, when many doubted the deal could be pulled off.

With it, Fortis has secured the most important part of the finance for its Eu24bn acquisition of part ...

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