‘A common sense thing to do’: Trump on signing order aimed at dismantling Education Department
Nike posts smaller drop in quarterly results as new launches drive demand
Failed New Mexico candidate found guilty in plot to shoot Democratic officials
Olympics-Putin congratulates Kirsty Coventry on IOC election
US approves precision rocket sale to Saudi Arabia amid Houthi conflict
European military powers work on 5-to-10-year plan to replace US in NATO, FT reports
Trading Day: No direction Jerome
Trump signs critical mineral executive order to boost US production
SIUE's Ray'Sean Taylor broke down in tears after NCAA loss. The chance to play meant that much
Quinta Brunson files for divorce from Jay Anik after three years of marriage
No. 12 seed McNeese holds off late Clemson charge to earn first March Madness victory
By Emma-Victoria Farr
FRANKFURT (Reuters) -German pharmaceuticals company Stada has postponed a planned initial public offering (IPO) in Frankfurt because of market volatility, two people familiar with the matter told Reuters on Tuesday.
Bankers preparing the potential offering for Stada's shareholders Bain Capital and Cinven advised against going ahead with the listing this week, citing recent volatility related to geopolitical events, the people said.
In recent weeks, key market volatility gauges have been rising on the back of geopolitics and the risk of trade wars prompted by U.S. President Donald Trump, Reuters has reported. The VIX index, a commonly used measure for market volatility, is now almost a third of the way to its pandemic peak.
The decision was taken on Monday afternoon, the people said, after the company had been planning to file its intention to float this week, as reported.
Stada will seek to pursue its IPO in the next available window this year, which could be as soon as before the European summer, the people said.
Bain and Cinven declined to comment.
Known for its cold medicine Grippostad, sunscreen Ladival and the cough syrup Silomat, Stada said on Tuesday it was generally evaluating all options for its further ownership, including a possible initial public offering.
The decision to hold off on an IPO comes after shareholders had also been pursuing a potential M&A sale option last year.
Had the listing gone ahead it would have been one of the largest IPOs in Europe since last year's float of Spain's fashion and beauty firm Puig.
A return to the stock exchange however remains the preference, one of the people said. Stada could be valued at around 10 to 12 billion euros ($10.90 billion-$13.08 billion) in an IPO, Reuters previously reported.
Bloomberg was first to report that the company was delaying its planned listing.
($1 = 0.9173 euros)
(Reporting by Emma-Victoria Farr, writing by Friederike Heine, editing by Rachel More, Anousha Sakoui and David Evans)
