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Sfr4.9bn trade is largest European ECM deal since National Grid’s £7bn rights issue in 2024
Offer came as markets recovered and volatility fell
Naturgy and Zurich fall in secondary market after jumbo blocks
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Sapinda has sold its 18.6% stake in Austrian-German home builder and asset manager Buwog, via an accelerated bookbuild on Tuesday evening.
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The Pakistan government is preparing to exit its position in Kot Addu Power Co (Kapco) and has called on investors to make their interests known. -
Two block trades by UniCredit this week, totalling €1.08bn, offered further confirmation that the equity capital market is functioning well, and that there is ample demand for good European stocks, including from US long-only investors.
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UniCredit’s new CEO, Jean-Pierre Mustier, has sent strong signals to the market this week that he will be determined about reshaping the bank, which by last week had lost 75% of its market value in the past year.
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Shares in AA, the UK breakdown assistance operator, fell by as much as 6% on Thursday after Invesco sold its 13% stake via an accelerated bookbuild which began on Wednesday evening.
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UniCredit used similar tactics on its accelerated bookbuild sale of 10% of Bank Pekao on Tuesday night to those it had used for Monday’s sale of FinecoBank — and achieved a similar result: multiple times oversubscription, led by one very large anchor order.
