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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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A HK$9.7bn ($1.25bn) sell-down in Chinese insurer PICC Property and Casualty Co last weekend has injected some welcome activity into Asia’s block market, which has seen limited business since the start of the year. The success of the deal in the primary and the secondary market is expected to inspire potential sellers to take action. Jonathan Breen reports. -
Wendel, the French investment company, made a bold move on Tuesday night to reduce its stake in Saint-Gobain, the glass and building materials group that is one of its main holdings.
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Barclays has this evening executed a R13bn ($900m) accelerated bookbuild in shares of Barclays Africa Group, its separately listed South African subsidiary, as the first stage in its already announced plan to divest the bank. The trade was covered in 35 minutes and multiple times oversubscribed.
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It’s been a sour few days for European equities — the Euro Stoxx 50 has lost 5.4% in three and a half days of continuous falls. With a big cohort of IPOs having been priced last week, the new issue market now enters a new phase, and will be looking for signals as to how receptive investors are.
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American International Group has raised HK$9.7bn ($1.25bn) after selling a large portion of its stake in Chinese insurer PICC Property and Casualty Co, in what is the year's biggest block trade so far in Asia.
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Indian state-owned hydropower producer NHPC has wrapped up its Rp27bn ($406.4m) offer for sale, which saw a quick flood of demand from institutional investors but a weak response from retail buyers.
