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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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Existing shareholders in Infosys are selling stock worth Rp8.8bn ($130m) via a block trade, which is expected to price before markets in India open on Thursday. -
Vertu Motors, the UK retailer of used and new cars, raised £35m (€44.65m) from an intraday block sale of new shares on Wednesday.
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Equity capital market bankers are increasingly sure of it: any IPO that hasn’t yet been launched won’t now come till after the Easter bunny has been and gone. But, like chocolate lovers everywhere, they say it will be well worth the wait.
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Ten of the 11 banks that underwrote Saipem’s €3.5bn rights issue sold the bulk of their remaining overhang in the stock in a block trade on Monday night, making a gain. But Banca Imi decided to take the riskier path of selling its holdings by itself at a later date.
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All but one of the banks that underwrote Saipem’s €3.5bn rights issue, and were left holding €427m of the Italian oil and gas engineering group’s stock, are selling down their stakes tonight.
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Several block trades hit the screens this week, as a relative easing of stock market volatility and the slow close of results season gave sellers a window to exit holdings.
