KfW’s Eu4bn ‘dream ticket’ DT sale ends in nightmare

14 Oct 2004

KfW's Eu4bn sale of shares in Deutsche Telekom on Monday was meant to be one of the highlights of the year for the European equity capital markets. But the deal turned sour as an aggressive auction and a flawed sale of warrants put off investors.

Equity bankers say it is likely to have hurt the equity market reputation of KfW, the German development bank ? and perhaps those of the leads, Citigroup, JP Morgan and Morgan Stanley.

Before the deal KfW had a reputation as one of Europe's most investor ...

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