MANNESMAN, the German industrial group, this week completed one of the most successful secondary offerings of the quarter. Deutsche Bank and Merrill Lynch executed the sale of stock, which took place via a DM3.3bn ($1.85bn) capital increase that was offered to retail and institutional shareholders. In common with many large, liquid secondary deals, the order book was a trim two times oversubscribed, although at an issue price of DM160, the market viewed the stock as well valued, and this fed through to the aftermarket.
June 26, 1998