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Italian shipbuilder is expanding capacity on strong defence demand
Deal priced at 1% premium to Monday's close
Booming metal prices could bring more equity deals
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Highfields Capital Management, the US asset manager and largest shareholder in Delta Lloyd that fought hard to block the Dutch insurance company’s rights issue, nevertheless subscribed to its rights in the offering. -
Vallourec, the French tube maker that has been hit by falling capex in the oil and gas industries, began separate trading of its shares and rights on Monday, after the launch of its €480m eight-for-five rights issue last Friday.
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Despite the sturm und drang that surrounded Delta Lloyd’s rights issue, with vocal opposition from Highfields Capital Management and other top shareholders, the Dutch insurance company’s deal was completed smoothly.
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The first block trade in Worldpay since its £2.5bn IPO in October took place on Wednesday evening, as Advent and Bain, its private equity owners, sold a 13.75% stake for £740m. The sale went very well, as it was soon increased and priced at a tight discount.
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Bank of Cyprus will aim to complete its move to the London Stock Exchange as early as possible in the second half of 2016 — though whether any equity capital will be issued or sold as part of the new listing is not yet clear.
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Delta Lloyd will announce on Thursday evening or Friday morning the take-up for its controversial rights issue, which was cut in size from €1bn to €650m after public protests from some investors. The exercise period ended at 2pm CET on Thursday.
