Search results for

GOLDMAN SACHS and Merita are to launch the sale of the Finnish government's stake in national telecoms operator, Sonera. The company was first privatised last year during very turbulent markets and, although the deal was successful, the sale was tarnished by scandals involving the role of Sonera management in acquiring shares. Additionally the government was reportedly unhappy with the way the deal was priced.

THE news that Mannesmann, the German diversified telecommunications group, is planning a jumbo Eu3bn convertible has sparked speculation of deals from other blue chip names that are still keen to raise equity linked debt finance despite the deteriorating market conditions. "Although the interest rate climate is slightly firmer than in the second quarter and stockmarket conditions are volatile, the cost of using this method of funding is still low," said one banker.

GLOBAL co-ordinators CSFB and JP Morgan have launched the Eu2bn to Eu2.5bn divestment of Rhône-Poulenc's chemicals subsidiary, Rhodia. The bulk of this transaction has been structured as a global offer to be completed in the second week of October and will involve a fully registered US offer as the stock obtained a New York listing last summer.

The UK primary equity market is set to host a number of high profile deals that, if successful, may help revive its following among both local and international equity investors. A number of IPOs launched on the London stockmarket this year have suffered as UK institutional investors continue to shun all but a small group of sectors. The next wave of new business will include stocks from diverse industries such as leisure and construction as well as technology.

THE SUPPLY of primary equity from the Amsterdam stockmarket is to soar in the coming weeks as a number of the country's corporate names ready stock offerings. In addition to well known names, such as Koninklijke Ahold, a number of newly listed groups plan to raise funds while markets are strong.

THE GERMAN equity market is to host record levels of new equity issues, with between 45 and 50 transactions due to be launched on the Neuer Markt alone in the next few weeks. Bankers say this could raise up to Eu3.5bn for the country's high growth companies seeking to raise equity capital and for others wishing to augment their early growth by widening their shareholder base.

Ecuador, keen to buy more time for a voluntary restructuring its debt, is planning to make the $96m interest payment on its Brady bonds before the end of this month. Government officials told Reuters that the government has made provisions for the payment, which was deferred in August for 30 days until September 29.

n Salomon Smith Barney is to make a number of transfers and hires to its European investment banking division to boost its European growth strategy. Theodore Kuh, managing director, has transferred from San Francisco to London to head the new European retail and consumer investment banking franchise. Previously, he ran the San Francisco consumer franchise and headed the company's US and Canadian food retail practice. Kuh joined Salomon in 1994 and will report to Michael Klein and Edward Miller, co-heads of European investment banking.