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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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Shares in Delta Lloyd, the Dutch insurance company, fell 10% on Monday after it announced a €1bn rights issue to strengthen its solvency as it plans for new EU insurance regulation. By Thursday, they were 29% down. -
Around this time last year, I reviewed the dismal performance of the Hong Kong primary markets, and ventured a guess that investors could instead turn en masse to ECM transactions in Malaysia, Singapore, Thailand, Indonesia - and even the Philippines. How wrong I was!
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Abengoa’s rights issue has collapsed, and the company is at risk of doing so too. Barring a miracle, the debt-laded Spanish renewable energy company is expected to file on Friday for a preconcurso — a three month period of protection from creditors.
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It may be late November, but equity capital markets are still busy with a stack of high profile deals, even now that last week's four Greek bank recapitalisations are out of the way. Abengoa's rights issue now looks unlikely to go ahead, as the company's woes have deepened.
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ArcelorMittal South Africa is seeking to raise R4.5bn ($321m) to improve its weakened financial position, with a rights issue fully underwritten by its parent, ArcelorMittal Group.
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CVC Capital Partners sold its last shares in Abertis Infraestructuras, the Spanish toll roads and telecoms infrastructure company, on November 19 in an €818m block trade that gave Bank of America Merrill Lynch’s league table standing a big boost.
