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International Equity Markets: The Art of the Deal is the best-selling study of success and failure in the global equity markets offers a frank and compelling analysis of the global equity markets.
"An insider's guide to the real factors that make or break an equity transaction" - The Wall Street Journal Europe.
After two years of painstaking research by Robert Lilja, a former director of investment banking at CSFB, including interviews with over 300 CEOs, lead managers, regulators, lawyers, consultants and investors, the book offers conclusions based around 24 detailed case-studies of new equity issuances worldwide. The book provides information about the market not previously in the public domain and is comprehensive in its analysis of the reasons for the success or relative failure of each issuance covered. The transactions have been selected on the basis of ‘lessons learned’ and offer a guide to all the most critical elements in undertaking a global equity issue.
This book should be on the desk, not only of corporate executives and bankers but also of privatisation officials, investors, buyers, consultants and students of banking and finance and anyone who wants an insight into the ‘Art of the Deal’. (498 pages).
TABLE OF CONTENTS:
Chapter 1: Introduction
Chapter 2: Market development
Chapter 3: The case studies
I – Akzo: The pros and cons of a managed rights offer and a bookbuilt issue
How to do a bought deal
II - Argentaria
Getting a deal done/Deal Economics
III – BNP: The formation of a core shareholder group in French privatisations
Institutional investor views on privatisation
IV - Bulgari
The role of the‘due diligence’ process for a medium-sized company IPO - the perspectives of the company and the lead sponsor
V - China Steel
VI - Daimler-Benz
VII - Societe Nationale Elf Aquitaine
VIII - Empresa Nacional de Electricidad
IX - ENI
X - KPN
XI - Mayr-Melnhof Karton
XII - Nokia
Hitting the Big Board - Lessons from Nokia’s listing on the NYSE
XIII - Pharmacia
The tortuous prelude to the Pharmacia privatisation
XIV - Railtrack
The role of the marketing adviser: an interview with Cary Martin, CEO of Dewe Rogerson
Key facts of the Tory privatisation programme
XV - Repsol
Recapturing the European retail investor - three major innovations in retail offering technology in the 1995 Repsol offering
XVI - Roche
The US listing decision for non-US companies - IAS versus US GAAP
XVII - Shandong Huaneng Power Development Corporation
The re-emergence of the Chinese securities market
XVIII - Singapore Telecommunications
XIX - Tele Danmark
The role of the equity research analyst - by Robert Morris of Goldman Sachs
Tele Danmark’s investor relations - an interview with the head of IR
XX - Telecom Corporation of New Zealand
Pursuing a dual-track strategy
XXI - USX - Marathon Group
Introduction to targeted stock
XXII - Wellcome
Short selling in connection with global equity offers
The 1995 sale by the Wellcome Trust
XXIII - YPF
XXIV - Zeneca
Chapter 4: The top banks
- International issuance by region and over time
- Interviews with the European heads of ECM of the five leading houses during 1991-96
Credit Suisse First Boston
Goldman Sachs
Merril Lynch
Morgan Stanley Dean Witter Discover
SBC Warburg Dillon Read
- The performance in the global equity new issue market of the top five houses
Chapter 5: The investor perspective
- The investors
- What companies should about the institutions
- Institutional investor views on the new issue process
- The role of new issue market in institutional investment
Chapter 6: Getting the offering process right - the Art of the Deal
- Preparation of assets for sale and appointment of parties
- Preparation of the offer
- Pricing and underwriting methods
- Execution of the offer
- Immediate after-market/ongoing secondary market
Chapter 7: Conclusion
- Supply and demand factors in market development
- The core considerations: a word to the vendor
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