June 7, 2012 / 5:50 AM / 5 years ago

TRUenergy picks three banks for $3bln Australia IPO-sources

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SYDNEY, June 7 (Reuters) - TRUenergy, the Australian unit of Hong Kong-listed CLP Holdings, is set to name UBS , Deutsche Bank and Bank of America Merrill Lynch as lead managers for its expected $3 billion IPO, three sources said.

"The shortlisted banks are negotiating terms with TRUenergy and are seen getting formal mandates as early as this afternoon," one of the sources said.

TRUenergy is eyeing a November IPO, said the sources, who had direct knowledge of the plans but declined to be named because the talks are confidential.

Another of the sources said RBS Morgan and a unit of Commonwealth Bank of Australia will be retail brokers for the offering.

A TRUenergy spokesman could not be reached for comment immediately.

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