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Drumbeat: Ad Buzzaar
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Tuesday, June 23, 1998
World Briefing
Alstom's float oversubscribed: Industrial group Alstom launched on the Paris bourse on Monday in Europe's largest non-privatisation issue, trading at the middle of an indicative pre-float range after the issue was three times oversubscribed. The stock -- 52 per cent of Alstom's capital -- was priced at 205 francs ($33.68), the middle of a pre-float price range of 190-220 francs, and in early Paris trade stuck close to that level. Although the stock was launched with a fanfare of thecompany's colours -- red, white and blue balloons festooned the steps of the Paris bourse -- it failed to take off in a broadly bearish market.Casio reports illegal transfer of $30m: Japan's Casio Computer Co Ltd said on Monday it had discovered $30 million worth of dollar-denominated funds had been transferred from the company to a third party in an illegal manner. Casio said in a statement the transfer of money from the firm's deposits at U.S. Banks, which happened on Monday, could result in a loss of about twobillion yen. Stagecoach says deal to enhance earnings: Transport company Stagecoach Holdings Plc said on Monday its deal to acquire 49 per cent of rail franchise operator Virgin Rail will be earnings enhancing in the first year. A spokesman told Reuters that Stagecoach chairman BrianSouter approached Virgin Group chairman Richard Branson with the deal -- pre-empting a planned flotation of Virgin Rail -- "about a fortnight ago". Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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