EUTELSAT Communications, the spin-off from EUTELSAT S.A., which was expected to see its IPO this week, has just announced that the flotation has been cancelled.
Last week EUTELSAT slashed the anticipated price of the IPO, but it seems that today they have given up, deciding that the volatile market would not be likely to reflect the true value of the company.
This must be a blow to the owners of the Paris, France based European satellite operator, which had been anticipating raising some €1.65 Billion from the sale of the business.
Read the press release (in French) here: Eutelsat Communications
An approximate translation (using Google) is here: Eutelsat Communications