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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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Grupo Villar Mir, the family holding company of Juan-Miguel Villar Mir, went head to head with Glencore’s $2.5bn capital raising on Tuesday night, but suffered nothing from the clash, as it sold a 2.36% stake in Abertis Infraestructuras, the toll roads and telecoms infrastructure group.
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Paul Frankfurt, head of equity block trades EMEA at Bank of America Merrill Lynch, is leaving the bank to help set up a global markets operation at Anoa Capital, a Luxembourg-based boutique investment bank. -
A subdued north Asia equity capital market, which has barely seen any activity since August, suddenly burst into life on September 16. American car rental company Hertz reduced its stake in China Auto Rental (CAR) while Taiwan’s TWi Pharmaceuticals sold GDRs on the same day to raise a combined $187m.
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Everything fell into place for Glencore’s $2.5bn capital raising on Tuesday evening, as the company managed to raise its target sum with an accelerated bookbuild as a 9.99% share of its equity, just below the trigger for a rights issue.
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When Glencore announced plans to raise $2.5bn of equity, all options were open, but one always looked the most likely: an overnight accelerated bookbuild.
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The Taiwanese equities market is set for a huge increase in volumes following Delta Electronics’ announcement that it has obtained board approval to issue a maximum of 170.67m new shares.
