* Aims to complete takeover deal before IPO
* Targets 1 billion pound market value
LONDON, July 4 British bid vehicle Tungsten
Corporation will make a second attempt at floating on the London
Stock Exchange in the autumn after market turmoil forced it to
scrap an initial attempt in May, its co-founder said on
Tungsten, which has said that it would consider buying the
insurance units of Royal Bank of Scotland and Lloyds
Banking Group, aims to complete at least one takeover
before it goes public, financier Edmund Truell told Reuters.
"We'd expect to take Tungsten public in the autumn, but
probably with a deal under its belt so investors can see what it
is they're investing in," Truell said.
"We would like to target something in the order of a 1
billion pound ($1.56 billion) market capitalisation."
Tungsten, set up to buy European financial services
companies, is in exclusive talks to buy one of 50 takeover
targets and is carrying out due diligence on two more, Truell
Truell declined to name the companies, but said they did not
include RBS's Direct Line home and motor insurance business,
which is planning an initial public offering of its own this
year and is expected to value it at between 3 billion and 4
Tungsten had intended to float as a cash shell in the third
week of May, raising up to 200 million pounds, but it was forced
to pull out as worries that Greece might be forced out of the
euro zone triggered a plunge in share prices.
The company still wants to be publicly quoted because
regulators may block it from buying banks and insurers on
consumer protection or corporate governance grounds if it
remains in private hands.
"We believe it's necessary to be public because regulators
don't view private equity very highly as owners of sensitive
financial businesses," Truell said.