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Top 25 shareholders and new investors participate in previously delayed offering, but some shares left over after subscriptions closed
Undisclosed institutional shareholder sells stake in Wednesday evening ABB
Qualifying shareholders take up 68% as remainder stays with conditional placees
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UniCredit’s senior management team had to fend off a barrage of questions about the bank’s exposure to Turkish bank Yapi Kredi this week, as yields spiked on Turkish local currency debt and the lira slid further against the dollar. UniCredit’s equity stake is accounted at €2.5bn, but worth less than €1.2bn in today’s market.
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Elon Musk’s sensational claim to have funding in place to take Tesla private stunned the US capital markets this week, but the lack of substantive detail to the plan has largely reversed an initial rally in the firm’s equity and debt instruments, as well as reportedly drawing the attention of the Securities Exchange Commission. Aidan Gregory and David Bell report. -
Elon Musk likes causing a stir on Twitter. Last year he announced his plans to avoid traffic in Los Angeles by digging large tunnels between his home and his office on the site. But the CEO might have dug an ever deeper hole for himself this week by tweeting that he was seeking to privatise Tesla at $420 a share with funding secured.
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Several large African companies are seriously exploring going public, with many likely to dual list domestically and in London, a boon for the city as Brexit clouds hover.
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ABN Amro said on Wednesday that it would cut staff and risk-weighted assets from its corporate and investment banking business, aiming to push return on equity at the unit from 5.8% in the first half of this year to above the bank’s 10% target.
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Hong Kong saw its second biotechnology listing this week, as BeiGene floated on the city’s stock exchange. But two days after listing it was under water and was followed by a double-digit dive by Ascletis Pharma, the sector’s debut issuer. The state of both stocks are a warning sign for future biotech issuers to rein in valuations, say ECM bankers. Jonathan Breen reports.
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