Robert Venes is assistant editor of equities and structured equity at IFR. Robert joined IFR in late 2009 from sister title Acquisitions Monthly, where he focused on private equity transactions and fundraisings. He was previously associate editor at Private Equity International and, before that, editor of Venturedome.
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German travel and tourism group TUI achieved its long-held ambition to sell out of shipping business Hapag-Lloyd last Monday. It was a move welcomed by the market too, with the shares closing up nearly 10% the following day.
June’s surge in European IPO pricings has failed to create any momentum, with too many deals suffering in the aftermarket - highlighted last week by the 19.5% fall of Turkish Domino’s Pizza company DP Eurasia on debut.
Bayer significantly reduced its holding in plastics group Covestro last Tuesday night through a combination of a €1.07bn sell-down, a €1.052bn exchangeable bond issue and depositing 8m Covestro shares in Bayer Pension Trust.