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Qualifying shareholders take up 68% as remainder stays with conditional placees
Underwriting left unused after deal is 33% oversubscribed
Shareholder-backed recapitalisation will help reduce debt and prepare assets for sale or listing
Placing and open offer follows recent acquisition of US annuity provider
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Most ECM practitioners in Asia are set to end 2016 not with a bang but a whimper. But even after such a volatile year, they are heading into 2017 with a rosier view of the market. Given the topsy turvy events of this year, the better strategy would be to err on the side of caution. -
China First Capital Group is looking to raise up to HK$1bn ($128.9m) from a placement of fresh equity, equal to more than 10% of its outstanding stock.
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Amundi’s shares closed at a record high on Monday, up 5.4%, after it announced it would use a €1.4bn rights issue and €600m of senior and subordinated debt to buy Pioneer Investments from UniCredit.
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Hong Kong’s market watchdogs are stepping up enforcement against the misuse of rights issues and open offers that substantially dilute the interests of minority shareholders.
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Uncertainty surrounds the attempt to recapitalise Banca Monte dei Paschi di Siena, as news media reported today that the European Central Bank had denied its request for an extension of the deadline for it to raise €5bn, until January.
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Chinese e-commerce solutions firm Baozun has raised $73.5m after closing a follow-on placement multiple times covered, despite its stock having a wobbly start to the week.
