Schibsted said it intends to retain a 60%
stake in the new company at listing, and
afterwards sell down up to 5% in the market
and distribute shares to Schibsted’s
shareholders. It has no plans for further
stock issues in MPI, and intends to remain a
SIGNIlCANTûANDûLONGûTERMûSHAREHOLDER
The parent company will keep the group’s
newspaper operations in Norway and
3WEDENûANDûCLASSIlEDSûINûTHEû.ORDICûREGION
The new company, to be headed by
current Schibsted CEO Rolv Erik Ryssdal,
will start trading with a portfolio of online
CLASSIlEDûADVERTISINGûSITESûSPANNINGûMOREû
than 20 countries.
Existing markets include France, Spain
and Brazil, and the company will also
inherit development-phase markets such as
Mexico, Morocco and Chile.
MPI’s parent company plans to move MPI to a
single share class, achieving a simpler corporate
structure to enable its M&A capabilities.
KONGSBERG PROPOSES NKr5bn
RIGHTS ISSUE
Norwegian engineering company KONGSBERG
GRUPPEN is proposing a NKr5bn (US$598m)
RIGHTSûISSUEûTOûPART
lNANCEûITSûaMû
acquisition of Rolls-Royce’s commercial
marine business, which is pending
regulatory approvals and is expected to
complete by early 2019.
Kongsberg’s market cap is around
NKr16.8bn (US$2bn), so the fundraising
represents approximately 30% of existing
share capital.
The Norwegian government, which owns
50% of Kongsberg, will participate pro rata
in the rights issue following parliamentary
approval on October 9.
The remaining 50% of proceeds is
underwritten by Danske Bank and DNB, joint
global coordinators with Arctic Securities. The
terms of the rights issue and a prospectus
will be published in due course and
subscription will run from November 7-21.
The terms proposed by the board of
directors call for a minimum of 24m new
shares and a maximum of 100m to be
issued, priced between NKr50 and NKr200
each.
The rights issue is subject to shareholder
approval at an AGM on November 2.
QATAR
QATAR PETROLEUM LAUNCHES IPO
OF QATAR ALUMINIUM
Qatar Petroleum will sell 49% of QATAR
ALUMINIUM MANUFACTURING through an IPO that
aims to raise QR2.76bn (US$758m).
State-owned Qatar Petroleum will retain
51% of QAMCO after it is listed on the Qatar
stock exchange.
QAMCO will hold a 50% stake in
aluminium production company Qatalum,
which is a joint venture between Qatar
Petroleum and Norwegian company Hydro.
A total of 273.4m shares will be offered at
QR10.10 each.
Shares will be offered to Qatari citizens
only, while 5% will be dedicated to civil and
military pension funds.
The subscription period runs from
October 30 until November 12, with shares
expected to start trading by mid-December.SPAIN
ARIMA SHARE PRICE FALTERS ON
MADRID DEBUTTrading in REIT ARIMA REAL ESTATE shares was
light on debut on Tuesday, as expected for a
new fund listing, with fewer than 50,000
shares trading, representing 0.5% of the 10m
shares placed in the IPO.
The trading level was surprisingly low
with shares opening at ?€9.90, slightly
below the IPO pricing of €10 per share. The
shares fell to €8.50 by early afternoon before
closing at €9.
By Thursday’s close they climbed to €9.50,
having failed to reach the IPO pricing during
the week, and were still at that level on
Friday morning.
Arima’s €100 Madrid IPO completed a
week earlier after being downsized from the
original target of €300m, with a €275m
minimum threshold.
Citigroup was senior global coordinator,
with Morgan Stanley, Mirabaud and JBCM as
joint global coordinators. Kempen, ING and
BBVA were co-leads.SWEDEN
SAAB PROPOSES SKr6bn RIGHTS ISSUEDefence company SAAB is planning a SKr6bn
(US$665m) rights issue before the end of the
YEARûTOûBOLSTERûITSûlNANCESûAMIDûSTRONGû
demand that has led to a record order
backlog.
Shareholders will vote on the rights issue
on November 16 at an EGM in Stockholm.
With a market cap of approximately
SKr39.3bn, the capital increase represents
approximately 15% of Saab’s pre-money
share capital.
4HEûlGHTERûAIRCRAFTûMANUFACTURERûSAIDûTHEû
cash would enable it to compete for new,
large orders, which require increased initial
investments and working capital.
Projects in Saab’s SKr102.4bn orderbacklog include orders for its Gripen E
aircraft from Sweden and Brazil, a submarine
order from Sweden, and a warning and
control system order from the UAE.
Saab’s two largest shareholders, Investor
and the Knut and Alice Wallenberg
Foundation, along with others, have
expressed their support for the rights issue.
The combined group represents 52.3% of
Saab’s share capital and 58.9% of the votes.
Saab’s share price slumped after the
proposed capital increase was announced on
Tuesday to close at SKr360, down 15.5% from
Monday’s close of SKr426.20. By the end of
Thursday it had fallen further, closing at
SKr342.10.
The rights issue was announced alongside
Saab’s third-quarter results, which showed
PLUNGINGû%BITDAûlGURESû3AABûRECORDEDû
Ebitda of SKr205m in the third quarter,
down from SKr578m in 2017. Sales rose
slightly to SKr6.4bn, but the Ebitda margin
fell to 3.2% from 9.4% in 2017.
The outlook for the full year remained
unchanged, with sales growth of 5% and an
operating margin above that of 2017.
The company said increased defence
budgets in most markets meant that strong
demand would continue.
SEB ISûTHEûlNANCIALûADVISERûFORûTHEûRIGHTSû
issue.MEKONOMEN RAISES SKr1.62bn
IN RIGHTS ISSUEAuto parts group MEKONOMEN raised
SKr1.62bn (US$180m) in an oversubscribed
rights issue to part-fund two acquisitions.
Take-up of the rights was 99.4%, with
shareholders subscribing for 20.39m shares
out of the 20.5m offered on a four-for-seven
basis at SKr79 each. Additional orders
beyond rights entitlements totalled a
further 13.14m shares - many times the
0.11m shares left over after the rights
exercise.
4HEûCOMPANYûISûRAISINGûCASHûTOûPART
lNANCEû
the €395m acquisitions of Danish parts
distributor FTZ and Inter-Team in Poland
FROMû(ELLAû)TûISûUSINGûBANKûlNANCINGûTOûFUNDû
the acquisitions, €158m of which it plans to
pay off with the rights issue proceeds.
Mekonomen’s three main shareholders,
representing 42.9% of its share capital, had
irrevocably committed to the rights issue, and
the rest was underwritten by Nordea and SEB.UK
BIOPHARMA CREDIT RAISES PLACING
TARGET TO US$200mUK-listed fund BIOPHARMA CREDIT has increased
its primary placing target to US$200m, as