Saint-Gobain's Verallia becomes latest IPO flop

French construction materials maker Saint-Gobain on Monday postponed indefinitely the initial public offering of glass container unit Verallia, the latest sign of ailing demand for European stock flotations.

Saint-Gobain, which had hoped to raise up to 958 million euros ($1.36 billion) from the spinoff, cited an "underlying level of market uncertainty and volatility."

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600450 Saint-Gobain's Verallia becomes latest IPO flop
Date: 22 June 2011

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