Reuters reported 20th June that French construction materials maker Saint-Gobain postponed (19th June) 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 958M euros ($1.36BN) from the spinoff, cited an "Underlying level of market uncertainty and volatility." The decision to pull the IPO is a defeat for Saint-Gobain, for which the withdrawal is the latest in a series of failed attempts to sell or spin off the unit, as well as a setback for the European IPO market. More than 15 European IPO deals have been pulled this year and many which have managed to float their shares have seen poor aftermarket performance, leading jaded investors to demand greater discounts to take part in new offerings. To read more, please visit: www.reuters.com/article/2011/06/20/verallia-idUSLDE75J09Q20110620
