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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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The founder of JG Summit pared his stake in the Philippine conglomerate on Wednesday, raising a larger than planned Ps11.70bn ($250.75m) in the country’s biggest accelerated share sale in two years. -
JG Summit is out with the first post-national election accelerated bookbuild of size in the Philippines, with the sell-down expected to net up to Ps10.29bn ($220.53m) for a shareholder.
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A lacklustre year for equity capital markets suddenly grew more interesting on Monday, when Bayer announced the details of a $62bn bid for Monsanto. It got still more interesting on Tuesday, when the US agribusiness group rejected the offer as “incomplete and financially inadequate”.
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Monday night’s three equity block trades in Europe all led to decent trading in the stocks on Tuesday. They included CVC’s exit from Evonik Industries – scooped on a sole basis by JP Morgan, though Bank of America Merrill Lynch has worked on most of these deals.
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The Indian government has shortlisted firms to pitch for leading roles on its sell-downs of National Fertilisers and Rashtriya Chemicals & Fertilisers, according to a notice on the Department of Divestment website.
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Jefferies has hired Vikas Khattar from HSBC as its head of capital markets for India and southeast Asia.
