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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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The UK government could shed its remaining 32% stake in Lloyds Banking Group in just a handful of deals this year, analysts and bankers argued this week. But the offerings, which could start as soon as April, will face competition from a host of eurozone bank sell-offs and capital raisings headed by Spain’s Bankia — though UK retail incentives could boost demand, writes Nina Flitman.
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Increasing demand for international diversification by investors will drive depositary receipt issuance in 2014. Asian companies, particularly Chinese and Indian names, will be the driving force, according to BNY Mellon.
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The Vereniging van Effectenbezitters (VEB), a Dutch investors' association, is set to take real estate firm NSI to court over a €300m capital raise late last year that it says unfairly excluded small investors.
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OP-Pohjola Group Central Cooperative, the parent company of Pohjola Bank, has made a public bid for all of the shares of the Finnish bank it does not already own.
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Bankers have renewed criticism of Turkish legislation that prohibits a company from buying its own shares using an advance, loan or security. -
India plans to sell up to Rs5.05bn ($81m) worth of shares in Engineers India on Thursday as the government continues with its disinvestment policy that remains a long way off its target for the current fiscal year.
