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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  • * Credit Suisse First Boston is marketing the flotation of stock in Dollar Thrifty Automotive which it will complete next week. The company is a wholly-owned subsidiary of Chrysler Corp, which is divesting its stake through the sale of 20m shares.
  • THE SPANISH government has completed its sale of stock in the steel group, Aceralia, in a transaction widely seen as among the more difficult of recent offerings from the Iberian peninsula. BBV, BCH and SBC Warburg Dillon Read acted as global co-ordinators for the Pta123.5bn ($871m) deal.
  • CREDIT Suisse First Boston and Deutsche Morgan Grenfell have been appointed as international lead managers for the offering of shares in Australian Mutual Provident (AMP), the country's largest insurer and asset manager. The demutualisation of AMP is likely to raise around A$10bn -- making it the largest and most important Australian equity offering of 1998, and second in size only to this year's highly successful privatisation of national telecom operator Telstra.
  • THE FLOTATION of shares in Energis, the telecommunications arm of the UK's National Grid, has been completed this week with lead manager Dresdner Kleinwort Benson pricing the shares at 290p. The final pricing represents the mid-point of the 250p to 325p indicated price range which was revealed in the pathfinder prospectus. As a result, the flotation raised net proceeds of just over £200m to repay loans from the parent and puts a value of around £850m on Energis.
  • * Société Generale has completed two equity linked debt deals, raising a total of Ffr1.65bn this week. The first transaction, for Européenne d'Extincteurs, was a Ffr300m convertible bond with attached warrants. The seven year bonds offer investors a coupon of 4-1/4% with a conversion premium of 17.95%. The paper is being sold to existing investors on a two-for-13 basis. SocGen was joined by Banque du Vizille as co-manager.
  • AS FORESHADOWED in Euroweek several months ago, Italian insurance group INA plans to spin-off its real estate interests in a separate company which is likely to seek an independent listing for its shares. Analysts and investment bankers say the real estate interests of the insurer have clogged INA's balance sheet for years with low yielding assets that have contributed little to the group's bottom line.
  • FOLLOWING an extended marketing period lead managers Robert Fleming and Daiwa Europe have completed the $60m offering of shares in Poland's Kredyt Bank PBI. The deal was launched last month and was due to be completed last week but the volatile conditions in world stockmarkets made this a difficult timetable to maintain. The banks reaped the rewards of allowing investors more time to look at the bank's investment case.
  • VEBA, the Düsseldorf-based industrial group, is adding to the wave of German corporate restructurings with plans to spin off its trading and transport division Stinnes. Like many of its compatriots, Veba is engaged in a major exercise to streamline its operations to the core businesses -- in Veba's case, of utilities and telecommunications. It has been spinning off ancillary activities for some time.
  • THE Republic of Argentina successfully launched a $500m five year Yankee bond this week, proving it could access liquidity even in current poor market conditions, but still leaving investor appetite for plain vanilla emerging market new issues untested.
  • CADES, the state agency established to fund France's welfare debt, is setting up a series of debt issuance facilities in a bid to bring greater flexibility and efficiency to its borrowing programme. The agency is to establish a $2bn shelf registration with the SEC and is preparing an Ecu10bn Euro-MTN programme, which will be signed early next year. A Ffr10bn domestic BMTN facility has also been launched.