Reuters: Global Markets: Britain says its Royal Mail selloff attracts over 700,000 share bids

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Britain says its Royal Mail selloff attracts over 700,000 share bids Oct 9th 2013, 14:16 Tweet Share this Email Print Reprints Related Topics Hot Stocks » Asian Markets » A pigeon flies past a Royal Mail post box outside Charing Cross station in central London, October 8, 2013. Credit: Reuters/Andrew Winning LONDON | Wed Oct 9, 2013 10:16am EDT LONDON (Reuters) - Business Secretary Vince Cable said on Wednesday the British government estimated it had received more than 700,000 applications for shares in Royal Mail, reflecting huge demand for the country's largest privatization in decades. Despite the threat of strike action from delivery staff and criticism from the opposition Labor party, the government is close to completing the sale of a majority stake in the company, which is almost 500 years old. Order books on the privatization closed on Tuesday with the selloff expected to value the firm at around 3.3 billion pounds ($5.31 billion), which is at the top of the target price range. "We haven't yet got the final figures but my very rough estimate is that we've had about 700,000 applications and it's about seven times oversubscribed," Cable told a parliamentary committee. (Reporting by William James; Editing by Andrew Osborn) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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