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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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Mike Ashley, founder of the UK sportswear retailer Sports Direct, on Tuesday sold a block of shares in the company for £110.9m.
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China Galaxy Securities has set its sights on raising funds via a private placement of shares, following in the footsteps of other brokers such as Citic Securities and Haitong Securities, both of which announced deals in December. The news of Galaxy’s transaction, which could raise as much as HK$17.7bn ($2.30bn) based on today's share price, comes as the Chinese regulator cracks down on margin lending by brokerage houses. -
China’s ECM market had a tough start to the week, after measures by the regulator to clamp down on excessive margin lending by brokerages took their toll on stock markets, with equities plunging the most in years. But investors that fell victim to this volatility should take it in their stride. The China Securities Regulatory Commission’s stringent approach is smart — and bodes well for stronger markets in the longer term.
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Bankers handling the divestments of India’s Rural Electrification Corp (REC) and Power Finance Corp (PFC) have completed international roadshows for both companies and are now waiting on the government to give the greenlight for the share sales.
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Air France KLM sold its last remaining shares in Amadeus IT Holding on Thursday evening, at a price very close to a record high for the stock.
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The failure of the Chung family to divest some of its holdings in Hyundai Glovis this week has brought the restructurings of many South Korean family-owned conglomerates into the spotlight. The pressure on these businesses to simplify their cross-shareholdings has raised expectations of more ECM activity this year. But the negative precedent set by Hyundai has also ignited fears that investors will now view these transactions with more caution, write Rashmi Kumar and John Loh.
