Update: Spanish Government Suspends IPO


Market conditions too weak

Despite the announcements that the Spanish government has given its approval to its lottery's IPO, this week the government had a change of heart and decided to suspend the public listing due to weak market conditions.

Hence, the sale of 30 percent of Sociedad Estatal Loterias & Apuestas del Estado SA, whose book value is Euro 20.8 billion, has been postponed, and according to Spain's Finance Ministry, this decision comes because market conditions don't 'guarantee revenues that reflect the value' of the operator.

The Spanish Finance Minister Elena Salgado explained that a weak market meant that the return would be less than market valuation, which was deemed unacceptable so the public listing had to go.
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