ECM Show me the money

Europe’s equity capital markets may have their capacity tested in the five weeks before they shut down for the summer holidays. Already this month, three governments have unveiled plans to sell down big stakes in state-owned companies in July. Italy wants to sell 10% of the utility Enel, worth E4.5bn at current prices. France wants to float Gaz de France in a deal that would raise E4bn. And Greece aims to sell 17% of its betting company OPAP, worth a little more than E1bn. It is also likely that...