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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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British brewer SAB Miller is to dispose of its entire $1.1bn stake in African hotel and gambling chain Tsogo Sun through a fully marketed sale that will be closed later this month. -
Fondo Strategico Italiano (FSI) has completed the sale of a 1.9% stake in Italy’s Generali through an accelerated bookbuild on Monday evening, raising €467.5m and cleaning up its position in the firm.
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Even as Ukraine called off a ceasefire and ordered troops to crack down on pro-Russia protests, Russia’s equity capital markets seemed to return further towards normality with a sale of $470m of the Moscow stock exchange. There is no contradiction between those two events and market participants should cheer the return of nuance.
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The sale of 7.71m Acerinox shares by UBS on Thursday night was covered within half an hour as investors rushed to top up their holdings in the Italian steel firm.
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Russia’s central bank sold a Rb16bn ($470m) stake in Moscow Exchange through an accelerated bookbuild on Tuesday night as Russian equity capital markets began to normalise, writes Andrew Griffin. While the deal could pave the way for a return of follow-on equity sales, IPOs are not expected from Russia until the market becomes more supportive, bankers said.
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Poland sold a 3.5% stake in utility PGE Polska Grupa Energetyczna this week, raising Z1.325bn ($436.3m) through the block trade.
