IPO faces more delays

The IPO of Hutchison Whampoa’s Italian 3G operation could be delayed yet again, with investors claiming that the offer is over-priced. Reuters cites sources close to the deal who claim the IPO is “teetering on the edge”. Hutchison had valued 3 Italia at around EUR10 billion, but analysts suggest that a price of EUR8 billion is more realistic. The offer has already been delayed from December after Hutchison acquired the Italian broadcaster Channel 7. Italy’s competition regulator Consob has still to approve the listing. If the deal fails to get the go-ahead before 15 February then Hutchison will be forced add its fourth-quarter accounts to the submission, causing yet more delays.