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Shipbuilder's shares fall 10% after capital raise
Italian shipbuilder is expanding capacity on strong defence demand
Deal priced at 1% premium to Monday's close
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Solvay, the Belgian chemical company, achieved a 95% take-up for its €1.5bn rights issue, which concluded last week, to finance its $5.5bn takeover of Cytec Industries – one of 2015’s most prominent M&A financings in the European equity capital market.
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Stocks in Madrid tumbled on Monday, after Sunday’s election left the country without a clear prospect of a stable government. Yet one of the best performing shares was Fomento de Construcción y Contratas, the construction company, which maintained nearly all its gain after last Thursday’s news of a €709.5m rights issue.
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Asia’s equity capital market is beginning to wind down after enduring its most difficult period in years. As bankers turn the page on 2015 and some high profile trades get lined up for next year, market watchers are hoping that things won’t be so volatile in 2016. John Loh reports.
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GCL-Poly Energy Holdings and GCL New Energy Holdings are looking to raise a combined HK6bn ($774m) in separate rights issues as they seek to aid each other’s expansion plans.
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Linzhou Jian Zong Construction & Engineering Co is planning to float in Hong Kong via Guotai Junan Capital as sole sponsor, having filed a listing application with the city’s bourse.
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Alkem Laboratories is set to price its Rp13.5bn ($202.1m) IPO at the top of the range after investors piled into the trade, buoyed by healthy demand for the Indian pharmaceutical sector.