June 26: Rosneft spells out the risks

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Our big story today is the publication Rosneft’s IPO prospectus, and at 505 pages it is nothing if not big. In fact, everything about this float is big: the $80bn market capitalisation it is aiming for, the $5.85-$7.85 a share price range it has set, and the 25 pages of risk factors in today’s document. We have reporters picking through it all and seeing what the market makes of it all. Some of it makes for scary reading.

De Vere shares are up on hopes that the bidding war for the leisure group may have further to run. Permira, the private equity firm, is considering its next move after De Vere (the old Greenalls business) agreed to be bought by Richard Balfour-Lynn’s Alternative Hotel Group for 825p a share in cash. The stock is up 4 per cent at 849½p.

United Business Media and Independent News & Media have both issued trading statements and say they expect strong growth in online advertising. Metal Bulletin has agreed to merge with Wilmington.

Eurotunnel has rejected an alternative restructuring plan from Deutsche Bank.

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