21st September 2010
Banco Santander the great white hope that was expected to spark a rash of autumn flotations and invigorate the market has ditched its plans at the eleventh hour. The Spanish banking group is expected to stall the planned flotation of up to a quarter of the business until at least 2011.
Continuing economic and market uncertainties are being cited as the reason for the postponement, but some are also suggesting that the float could be scrapped becase the sell-off would not raise the funds the banking group needs.
The Independent reports that the partial flotation of those businesses now looks unlikely to start until spring next year at the earliest, and could even slip back to the autumn – if it goes ahead at all.
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