Deals
ABN's Initial Sale Raises $3.6 Billion as Government Cuts Stake
- ABN valued at $17.8 billion after Dutch government sells stake
- Shares close 3.4 percent higher in lender's trading debut
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ABN Amro Group NV, a lender bailed out by the Dutch government during the financial crisis, closed 3.4 percent higher on its return to the market after raising 3.3 billion euros ($3.5 billion).
The bank sold 188 million shares at 17.75 euros apiece in the initial public offering, equivalent to a 20 percent stake and valuing ABN Amro at 16.7 billion euros, according to a statement on Friday. The stock closed at 18.35 euros in Amsterdam. ABN Amro started trading at about 1.1 times book value compared with an average book value of 1.15 for the 46 member firms tracked by the Euro STOXX Banks Index.