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German insurer Talanx cancels IPO
FRANKFURT, Sept 12 |
FRANKFURT, Sept 12 (Reuters) - Talanx, Germany's third-largest insurer, called off plans for an initial public offering on Wednesday, after receiving tepid encouragement from investors.
"Investor feedback on the company's valuation deviated significantly from the estimated minimum fair value that had been communicated to Talanx by the investment banks managing the transaction," Talanx said in a statement.
With investors wary of unpredictable markets and firms reluctant to sell large chunks of their stock cheaply, Europe has seen little in the way of IPO activity over the past year.
Many insurers are trading below book value, with low interest rates and investor worries about the euro debt crisis weighing on the sector.
Analysts had said Talanx would not want to float too big a stake in the hope of selling another tranche at a higher price later. (Reporting by Jonathan Gould)
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