Salzgitter quits Vallourec stake in clever trades

German steel producer Salzgitter enlivened the equity markets this week with a Eu1.4bn sale of stock in Vallourec, the French steel tube maker, through a straight equity sale, a mandatorily exchangeable bond and a private hedging transaction.

  • 11 Aug 2006

The exchangeable was notable for using a special purpose vehicle and a derivatives arrangement to give Salzgitter the benefit from any upside in Vallourec's share price, while avoiding any negative impact on Salzgitter's balance sheet.

Salzgitter invited banks last week to pitch ideas for how it could dispose of ...

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