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Clutz loses out as $billion IPO shelved
Uncertainty surrounds the $1.3 billion Valemus float after its German parent company cancelled the IPO that was planned to commence this week.Clayton Utz was the law firm acting for Valemus,…
Lawyers Weekly
Uncertainty surrounds the $1.3 billion Valemus float after its German parent company cancelled the IPO that was planned to commence this week.
Clayton Utz failed to respond when contacted by Lawyers Weekly.
Mallesons Stephen Jaques acted for the underwriters, Deutsche Bank, Goldman Sachs JBWere and Macquarie Capital Advisers.
Bilfinger Berger, the German engineering company that is the parent company of Valemus, announced this week that it was ditching the planned IPO due to uncertainty and "negative developments" surrounding sharemarket conditions in Australia. Bilfinger had initially planned to float Valemus last month, but Valemus chairman, the former NSW Premier Nick Greiner, announced that the planned start would be pushed back to July due to volatility in the Australian share market at that time.
The Valemus IPO was to be the biggest share listing since the $2.3 billion Myer float last year.
Bilfinger has not ruled out plans to re-launch the IPO in the first half of next year.
