Share market float fails after superannuation funds led by Australian Super decide not to buy shares
One of the year’s most-hyped share market floats, the $3.2bn Latitude Financial IPO, has failed after superannuation funds led by the nation’s biggest, Australian Super, decided not to purchase shares in the company.
Latitude, a lender which is part-owned by private equity group KKR and helmed by controversial businessman Ahmed Fahour, decided to yank the offer late on Tuesday afternoon, robbing investment bankers working on the deal of a payday of up to $35m.
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