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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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An overnight block trade saw UK mobile banking technology firm Monitise raise over £109m to finance its shift to a global subscriptions-based business model.
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A £62.7m block trade in UK housebuilder Crest Nicholson came at a 5% discount to Thursday’s closing price, but at a 6% premium to where the stock had been trading only a week ago.
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While volatility was up this week, so was the amount of deals, and bankers are confident that next week will see another run of issuance despite fears about secondary market valuations.
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The founder of online comparison website Moneysupermarket sold a £130m stake in the firm as the block market continues to see successes despite volatility.
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The main shareholder in Arrow Global, a UK firm that buys distressed debt and then uses data to help collect it, sold its entire holding through a block trade on Thursday night.
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The freefloat of French healthcare firm Ipsen increased from 30% to 40% after a block trade on Wednesday night, as controlling shareholder Mayroy cut its holding to 57.6%.