Ziggo Sets IPO Price at Top end of Range
Due to the exceptional interest from the investors, the Dutch cable provider–Ziggo, has set the share price of its IPO at €18.50 per share, which is at the top end of the range the company had announced previously. In order to raise €804m, Ziggo will sell 21.7% of its total of 200m shares.
Coming a day after Swiss trading house DKSH raised SFr1bn with its IPO, it is taken as a sign of renewed confidence in the European equity markets after months of severe volatility due to the crisis in the eurozone.
According to the company, it is announced that it had also extended an overallotment option to cover short positions resulting from the IPO, which if fully exercised would increase the share sold to 25% of Ziggo’s total equity.
Greece Creditors Get $2.5bn CDS Payout
According to results of an auction on Monday, it is revealed that the market will pay out an amount of $2.5bn to the creditors who have bought insurance-like products to protect themselves from a Greek default.
Fourteen dealer banks set a value of 21.5% of par for Greek bonds. It means that the credit default swaps will need to pay 78.5% on the euro in order to settle contracts triggered by the country’s debt restructuring, which led to the declaration of a credit event earlier this month.
This works out at a market-wide $2.5bn payout in an auction being held under the rules of the International Swaps & Derivatives Association.
The results cast little impact on the market, as it is a small amount that had been widely expected.
Greek Crisis Takes Toll on Crédit Agricole
The Greek debt crisis just took its toll on France’s third-largest bank by market value–Crédit Agricole, costing the mutual bank €2.4bn in 2011 and forcing it into an annual loss for the first time ever since its flotation in the year of 2001.
According to the French bank, it had been warned last December of a 2011 loss, which was provoked by €2.5bn of impairments, and that the bank would scrap its annual dividend.
Fujitsu Plans to Enter European Smartphone Sector
Competition in the market of smartphone is about to further intensify next week as manufacturers launch the latest generations of handsets at Mobile World Congress in Barcelona.
The Japanese handset makers–Fujitsu is to launch a wide range of smartphones and tablets for the very first time in Europe, as it looks to stake a claim in the fast-growing and high-margin mobile device sector. The company has lined up a range of high-end mobile devices for both Android and Windows operating systems in order to challenge the dominance of European market leaders such as Apple and Samsung.
Director of RBS Defends Hester Bonus Award
Penny Hughes, the director at the centre of a recent bonus row at RBS, indicates that the pay decisions should not be swayed by the mood of the public, even though taxpayers owned 83% of the bank.
Ms Hughes has repeatedly defended the decision to award chief executive–Stephen Hester ever since her joining the board of RBS two years ago.
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SuperGroup Profit Warning Influences Shares
The shares in the international fashion brand–SuperGroup dropped by around 1/5 after the company warned that slowing sales in January might drag its full-year profits “towards the lower end of the range of market expectations” of £50m-£54m.
According to the owner of the Superdry fashion brand, it is warned that the retail sales had witnessed “a slowdown in the last 3 weeks of January”, with growth in its like-for-like sales at the branded T-shirts, hooded tops as well as accessories specialist slowed.
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