3 Italia's long expected IPO was yesterday pulled by the board of the 3G mobile operator. They cited the poor performance of European telco stocks this year. They concluded that they would not attain their desired valuation of just short of $15bn under current market conditions. Which is corporate mumbo jumbo for the road show was a bit of a pig.
It looks like 3 Italia will not try again until after the summer at the earliest. As a result it look unlikely that 3 UK will go public this year. Poor old Hutchison, that owns 3 Italia, 3UK and the six other countries 3 operates in. They're gonna have to wait a while longer to recoup any of the monstrous $25bn they've invested in the businesses.
Mind you they'll make an absolute fortune in the end in anycase. So what's another 6 months.
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