Spain Retracts Lottery IPO Approved Last Week

Spain IPO RetractedSpain Retracts Lottery IPO Approved Last Week

Spain has retracted their IPO for their lottery stating market conditions won’t allow for the guarantee of the value for investors. This isn’t the first big deal turning tail over the past months. According to Bloomberg, twenty-four new stock sales have had to cancel or postpone in Western Europe this year.

Spain IPO Retracted

The retraction of the IPO (or suspension as others report) may come as a surprise as it was only last week that the thirty percent stake was approved. Last week, the good news was that the IPO could bring in roughly 7B euros. In the face of continuing budget deficits, the IPO retraction may hit morale for the remaining months of 2012.

The IPO was to be underwritten by Credit Suisse, BBVA, JP Morgan, Goldman Sachs and Santader according to Fox News Latino.

September 28, 2011 by : posted in Featured News No Comments