Tough terms for funding (TT DecJan09 p16)

One of the few big M&A deals of the last few months has been accompanied by one of the first big equity money-raisings in some time. Electricite de France which trades in the UK as EDF Energy announced its plans to execute a £12.4 bn takeover of British Energy, the UK nuclear power generator.

In credit-constrained times, the World Bank made much of the attraction of safe havens as it tapped the market. Raising $1.5bn, its first dollar benchmark bond since May 2006, World Bank treasurer Kenneth Lay said: “The past several months have been a particularly difficult period in international finance.”

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