Friday, 3 November 2017

UK firms pull multi-billion pound stock market floats

 
 
Arqiva, the UK's largest owner of TV transmitters and food producer Bakkavor have pulled their stock market listings because of market uncertainty.

 
Arqiva has postponed a stock market flotation that would have valued the group at £6bn.


Bakkavor, which supplies food to M&S and Waitrose, has scrapped its plan that potentially valued it at £1bn.


Both firms announced their listing plans last month, but cited market volatility for their change of heart.


In October, a number of European companies floated but saw their shares perform weakly in the following days.
French fashion group SMCP shares have barely risen above their initial stock market flotation price of €21 (£19; $24) each.


Austrian bank Bawag listed at €48 a share and is now trading at €45.76 while Spanish housebuilder Aedas Homes floated at €31.65 and its shares are now worth €31.00.


Arqiva, which is owned by the Canada Pension Plan Investment Board and Australian bank Macquarie, may proceed with a float next year if market conditions improve.


Its clients include the BBC, ITV and international broadcasters and its masts cover about 98% of the UK.



BBC      News.