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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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Mota-Engil, the Portuguese construction firm, sold 34.3m new shares in an accelerated bookbuild on Tuesday night in a deal designed to increase the company’s share capital and market visibility. -
Norwegian insurer Gjensidige sold an Nkr3.3bn ($540m) stake in domestic peer Storebrand on Tuesday night, launching the well-flagged deal with full coverage after a sale of another of its financial holdings stumbled earlier in the month.
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German internet payment Wirecard sold a €365m block of new shares on Tuesday night, raising capital to fund acquisitions after the shares had seen a strong recent run.
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Solidium, a Finnish state investment fund, raised €800m through a combined ABB and exchangeable bond on Tuesday, allowing it to monetise some of its holding in Sampo and reviving the structure after a run of similar deals in early 2012.
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The IPO market might be so busy this week that blocks and RFPs for other future business are being passed up, according to bankers.
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Monterey, a fund owned by John Frederiksen, struggled to sell a €520m stake in German holiday firm TUI AG on Wednesday evening, with investors fretting about the Norwegian billionaire's reasons for cutting his stake.
