US hedge funds moved to snap up shares in Lloyds Banking Group overnight as the UK government put its 6% stake up for sale in a move to begin privatising the bank.
American institutional investors and hedge funds lead the charge to grab shares in the bank, which saw higher than expected demand, according to reports. On Monday, investors were invited to place their orders for shares, and this morning the government's UK Financial Investments arm said the institutional share placing has been completed, raising £3.3bn. The shares were offered at a slight discount to yesterday's closing price of 77.36p at 75p each. The Telegraph quoted sources close to the accelerated sale saying US investors could buy as much as half of the shares on offer. ...
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