Goldman said excluded from bidding process in IPO

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Goldman Sachs has been excluded from the bidding process to handle the initial public offering of Danish state utility Dong Energy.

Bloomberg News reports that the Wall Street investment bank wasn’t invited so as 'to avoid speculation about Goldman Sachs’s role', the Finance Ministry said in a reply to e-mailed questions on Wednesday

Denmark, which holds 59% of Dong, revealed its IPO road map for the utility in September. The sale, which Sydbank has estimated may value Dong as high as $10bn, is set to be among the biggest in Denmark’s history. Goldman holds almost one-fifth of Dong, which is also owned by Danish pension funds ATP and PFA, and a group of smaller shareholders.

A committee overseeing the IPO said on Wednesday it selected JPMorgan, Morgan Stanley and Nordea as joint global coordinators. Citigroup, Danske Bank and UBS were selected as joint bookrunners. 

To access the complete Bloomberg News article hit the link below:

Goldman Gets Excluded From IPO Bidding Process for Dong Energy

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