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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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Eurofins Scientific, the French laboratory testing company, tried and failed to raise €339m of new capital in an overnight block trade on Wednesday night, despite the very strong recent performance of its shares. -
The equity-linked market in Europe has been quiet since Total SA’s $1.2bn deal on November 25, but on Wednesday a very different deal was executed successfully by Basilea Pharmaceutica, a small and still unprofitable Swiss drug company.
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At this time of year, attention in the equity capital market is divided between avidly fighting for next year’s mandates, which are beginning to mount up — and counting the spoils from this year. Has it been a good, bad or indifferent year — and for whom?
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CRCC High-Tech Equipment Corp, a unit of Chinese state-owned China Railway Construction Corp, has raised HK$2.8bn ($361m) from its IPO in Hong Kong after pricing near the bottom of the range.
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Anglo American’s announcement this week that it will increase its asset sales target to $4bn, as part of a plan to adjust to painfully lower minerals prices, is the latest sign of two trends that are expected to drive M&A activity and equity capital markets business in 2016: carve-outs and divestments of assets; and the shake-up in natural resources.
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The Pakistan Stock Exchange (PSE) is set to launch on January 1 in a keenly-anticipated ceremony that will be attended by top government officials and foreign investors eyeing a stake in the soon-to-be unified bourse.
