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Apr 11, 2014

UK Royal Mail spotlight reopens rift between bankers and advisers

LONDON, April 11 (Reuters) – The fallout from the
controversial stock market flotation of Britain’s Royal Mail
has reopened a rift between the bank and independent
advisers who run such deals.

Accusations that taxpayers lost money on the 2 billion pound
($3.3 billion) float arose after the shares closed up 38 percent
on their market debut – well above the normally targeted
first-day premium of between 5 and 10 percent on such deals.

Apr 10, 2014

UK watchdog to quiz Lazard over Royal Mail sale

LONDON (Reuters) – A British parliamentary committee will question independent financial adviser Lazard this month regarding its role in the sale of Royal Mail, a committee spokeswoman said on Thursday.

Lazard, which advised the government on the Royal Mail stock market listing, will be called before the Public Accounts Committee (PAC) on April 30, the spokeswoman said.

Apr 7, 2014

Private equity sees last hurrah in Cinven’s Numericable exit

LONDON (Reuters) – Private equity firm Cinven made a 1.5 billion euro ($2 billion) capital gain on its investment in French cable operator Numericable (NUME.PA: Quote, Profile, Research, Stock Buzz), but said on Monday the era of such hugely profitable deals for its industry in the cable sector is ending.

Cinven said on Monday that it had realized its biggest ever gain, giving a return of 4.35 times on the original investment, as part of a deal in which Numericable will buy Vivendi’s (VIV.PA: Quote, Profile, Research, Stock Buzz) telecoms arm SFR, creating the second-biggest player in a reshaped French telecoms market.

Apr 2, 2014

Czech property firm plans listing via Dutch-based Domus

LONDON, April 2 (Reuters) – Netherlands-based property
company Domus plans a stock market listing in Amsterdam that a
source familiar with the matter said could value the firm at 490
million euros ($676 million).

Domus is owned by Dutch private equity firm BXR, which will
remain a minority shareholder, the source said.

Apr 2, 2014

Two Spanish firms prepare stock debut as economy improves

MADRID, April 2 (Reuters) – Two Spanish companies said they
are preparing to launch on the stock market, the first public
offerings since 2011, adding to signs the economy is tentatively
recovering from a deep recession.

Corporate testing and inspection company Applus+
said on Wednesday it aims to raise at least 300
million euros ($413.8 million) in its debut share sale.

Mar 31, 2014

Europe leads the way as global market listings leap

LONDON, March 31 (Reuters) – Global initial public offerings
(IPOs) almost doubled in value in the first quarter of 2014,
Thomson Reuters data showed on Monday, with Europe leading the
way thanks to a nascent economic recovery that lifted investors’
confidence and stock markets.

The value of all global IPOs hit $44.3 billion in the first
three months of this year, the best first quarter since 2011,
and the value of European IPOs soared 191 percent to hit $15.2
billion – the highest since 2000.

Mar 28, 2014

Private equity funds grab smaller slice of M&A deals

LONDON (Reuters) – Buyout firms are finding it harder to take part in mergers and acquisitions as the lure of stronger equity markets persuades more funds seeking to exit assets to try their luck with a public share sale or turn to cash-rich corporate buyers.

Private equity-backed mergers and acquisitions (M&A) fell by almost a third to $55.2 billion from a year ago, Thomson Reuters quarterly data showed on Friday.

Mar 27, 2014

Insurer Brit Group on course for 960 million pounds London listing- source

LONDON (Reuters) – Dutch-domiciled insurer Brit Group (IPO-BRIT.L: Quote, Profile, Research) is to price its London share offering at 240 pence per share, a source said on Thursday, valuing the company at 960 million pounds.

The Lloyd’s of London underwriter, which operates in the commercial insurance field, is planning a 25 percent stake sale of 100 million shares. The final price is to be announced on Thursday after the markets close.

Mar 27, 2014

Insurer Brit Group on course for $1.6 billion London listing: source

LONDON (Reuters) – Dutch-domiciled insurer Brit Group (IPO-BRIT.L: Quote, Profile, Research, Stock Buzz) is to price its London share offering at 240 pence per share, a source said on Thursday, valuing the company at 960 million pounds ($1.6 billion).

The Lloyd’s of London underwriter, which operates in the commercial insurance field, is planning a 25 percent stake sale of 100 million shares. The final price is to be announced on Thursday after the markets close.

Mar 27, 2014

Insurer Brit Group set for $1.6 billion London listing: sources

LONDON (Reuters) – Dutch-domiciled insurer Brit Group (IPO-BRIT.L: Quote, Profile, Research, Stock Buzz) is to price its London listing at 235-240 pence a share, two sources said on Thursday, valuing the company at up to 960 million pounds ($1.6 billion).

The Lloyd’s of London underwriter, which operates in the commercial insurance field, is planning a 25 percent stake sale of 100 million shares. The final price is to be announced on Thursday after the markets close, but one of the sources said that the order books were well-covered and a price at the upper end of the new range was expected.