Search results for

LEAD manager Deutsche Bank has completed the sale of stock in Fortune City.com, the US internet group, whose shares started trading on the Neuer Markt yesterday (Thursday). The deal generated a book of demand that was several times oversubscribed. According to one banker: "This company offers an almost unique story from a sector where there is no shortage of paper."

GOLDMAN SACHS this week filed a registration statement with the SEC to prepare for its $2.7bn+ IPO. The filing signals the end of an epoch as Wall Street's last partnership goes public. Reaction to the filing - in comparison with last year's aborted plans - reveals that there is greater belief this time over the group's valuation. The IPO will be one of the most important - and possibly one of the largest - to be hosted by the New York market. It is certain to attract keen interest from a wide variety of investors around the world.

The sale of stock in Canary Wharf is proceeding smoothly with the valuation likely to come out at between £1.9bn and £2.3bn. Some 167m shares will be sold by global co-ordinator, Morgan Stanley Dean Witter at between 280p and 350p. According to the pathfinder prospectus published this week, the group will raise around £470m to £585m in new money and the 85 acre development will have its assets valued at £2.65bn.

THE Spanish government has harvested an overwhelming response to the privatisation sale of its shares in Indra. The defence group is being marketed to international and local investors in a deal that will result in a 75% free-float for its shares. The state owns around 66% of Indra through its holding company, Seppi, but that stake will be completely divested.

THE FRENCH government has revealed the terms of the privatisation sale of Crédit Lyonnais. Institutional investors are to be invited to bid for stakes in the bank with each bidder allowed to aim for ownership of up to 10%. The divestment will be launched later this month after a considerable delay. The bank was to have been sold last year. However, this was aborted as a result of the instability in global stockmarkets and the plunge in investor confidence, especially in financial stocks.

GLOBAL co-ordinators CSFB and Mediobanca will this week complete the flotation of stock in Ducati, the Italian manufacturer of performance motorcycles. The company is being listed in Milan, following the sale of stock to international and local investors. The investor response has been enthusiastic with strong, if slightly price sensitive orders.

ABN AMRO Rothschild and Cazenove joined forces this week to execute the largest ever bought deal in the UK with the £1.85bn sale of shares in Cable & Wireless by the German conglomerate, Veba. The two firms outbid other competing banks in London last weekend, but the nature of the selection process sparked controversy among defeated bidders, who pointed to Rothschild's position as adviser to Veba.

Asia Bosporus Funding Corp

7894

4198