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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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Chiho-Tiande Group, a Hong Kong-listed firm which specialises in recycling scrap metal, is mulling raising funds via a placement of shares and has already received interest from one big investor. -
Chinese brokerage Citic Securities Company has received the green light from its shareholders to raise funds using a private placement of H-shares, which based on the February 16 closing price could net the firm as much as HK$39.45bn ($5.09bn).
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Two of Thursday’s bumper crop of equity block trades suffered poor share price performance today – largely for reasons away from the sales themselves, but most of the stocks traded respectably, and one even rose sharply.
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The Indian government is looking for one more bank to lead its Rp18.3bn ($293m) divestment from Power Finance Corp after Standard Chartered, which was among three bookrunners chosen in December to handle the offering, bowed out of the trade following the closure of its global equities business.
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This week was supposed to be all about IPOs in the European equity capital market, with the pricing of a string of deals, above all the highly successful €4.25bn privatisation of Aena, the Spanish airports operator. But a carnival of block trades on Thursday stole the show, as sellers from British Telecom to Silvio Berlusconi pounced on a rising market, either to lock in recent gains opportunistically or to further strategic business needs. Jon Hay reports.
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Tuesday brought three block trades in Europe’s equity capital market. The European Bank for Reconstruction and Development sold its whole 5.1% stake in PKP Cargo, a Polish rail freight operator, for Z197m (€47m) via Goldman Sachs and Wood & Co.
