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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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Jabez Private Equity Fund I offloaded the remainder of its holdings in South Korea’s Hyundai Securities Co on January 7, fetching W115bn ($96m) from the fixed price offering. -
Doosan Group sold the third Asian block of the year this week and, in an unusual approach, opted for a private placement. If markets remain volatile, bankers predict many more of the region’s blocks may follow suit. Jonathan Breen reports.
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STIC Investment launched a W121bn ($99.5m) sale of shares in Korean defence company LIG Nex1 on Thursday evening, confident they could cover the block with domestic investors.
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Citigroup has on Wednesday night launched the first European equity block trade of the week, selling 12m shares in Elior, the French catering company, for about €212m.
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The start to 2016’s equity business has not been easy, with markets doing little to help convince issuers to pull the trigger. But European stockmarkets have settled down, and are managing sometimes to trade well even on days when China’s market falls.
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Dalian Port Co has raised HK$4.33bn ($558.55m) from the first tranche of its private placement of H-shares, with a single investor taking up all the stock on offer, according to a company filing.
