GLOBALCAPITAL INTERNATIONAL LIMITED, a company
incorporated in England and Wales (company number 15236213),
having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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  • THE FINNISH government should next week relaunch the $500m sale of shares in the diversified energy group, Fortum. Government bankers, Konventum and Morgan Stanley Dean Witter and Warburg Dillon Read are acting as advisers. Participants have been encouraged by the response of institutional and retail investors to the privatisation of the national telecom operator, Sonera, which started trading this week.
  • BNL, MEDIOBANCA and Schroders are heading towards a successful execution of the Italian privatisation sale of Banca Nazionale del Lavoro. The $4bn offering will end next week after the OPV for local retail investors who are already showing keen interest in shares. There is also an impressive bookbuilding going on in the international markets.
  • SPANISH corporates and the government are set to take advantage of the recovery in sentiment throughout global equity markets by selling new shares early next year. The government has announced its intention to sell its 66% holding in Indra electronics, owned through its holding company, Sepi. Although the government may maintain a golden share in Indra because of its strategic importance as a defence contractor, the offering will still ensure a sizeable and liquid float in Madrid.
  • LEAD MANAGER Warburg Dillon Read has given investors an indicated price range of between Dra4,000 and Dra4,800 for the roughly $600m public offer of shares in Panafon, the Greek mobile phone company. The privately owned group, in which Vodafone of the UK has a major stake, is coming to the Greek and international markets as bourse recoveries and the success of OTE and TPSA offerings have encouraged nervous investors out of their heavy cash positions.
  • ABN AMRO Rothschild, ING Barings and Kempen Securities have completed the capital increase for the Dutch manpower group, Randstad Holding. The combined offering includes the Dfl 350m sale of preference shares by Kempen and the Dfl 700m to Dfl 800m sale of straight equity through ABN and ING. The sale of Randstad closed yesterday (Thursday) and should be priced near the Dfl 106 closing price of outstanding shares in Amsterdam.
  • CONTINENTAL, the German diversified tyre company, will shortly announce its intention to raise up to $2bn in a combined capital increase, including the issue of new shares, equity-linked debt and a straight fixed income bond. The financing package, originally destined for the third quarter, has been delayed because of the market turmoil of the last three months. The proceeds have, however, already been earmarked to fund the group's recent $1.9bn acquisition of ITT's braking systems group.
  • * Class Editori, the Italian publishing company, will announce plans today (Friday) to list on the Milan stock exchange. The listing highlights the growing return to health of the European IPO market. ABN Amro Rothschild and Banca di Roma are joint lead managers for the offering which should raise between Lit117bn and Lit140bn ($70m to $85m). The IPO, which will also raise new capital, represents about 40% of the company.
  • THIS WEEK was the busiest on Wall St since the autumn meltdown, with IPOs responsible for most of the activity. That reflected the continued revival of the new issues market, one that virtually collapsed in September. As Conoco proved last month, investors are again hungry for good stories. However, observers on Wall St agree that, for the moment at least, the bias remains firmly in favour of large-cap liquid stocks. Smaller, speculative stories will have to wait a little longer to test the market.
  • DEUTSCHE Bank and Banco Cisf have completed the highly successful international sale of stock in the Portuguese tollroad operator, Brisa Auto Estrades de Portugal. The deal benefited from coming from the sector best equipped to deal with financial uncertainty in world stockmarkets as well as being launched into markets in a recovery phase.
  • FRANCE TELECOM has revived a delayed stock offering of up to $10.7bn equivalent in the most dramatic indication so far that the international equity new issue market will end the year far stronger than could have been hoped for just a month ago.
  • WHO IS Billy Johnson at Warburg Dillon Read? Yes, we had never heard of him either. We know all about Billy the Kid, Billy Carter, Billy Joel, Billie-Jean King and Billy the Goat but Johnson had never crossed our screen.