Aussie banking stocks fall after Reuters nabs NAB news
11.10.2008
Australian banking stocks fell on Nov. 10 when Reuters beat Bloomberg by 4 hours with news that Australia’s top lender National Australia Bank Ltd (NAB) had increased the size of a share sale to approximately 3 billion from about $2 billion. Reuters also beat rivals with the pricing of the share sale — a 10 percent discount, triggering an immediate sell-off in other bank shares such as Westpac and ANZ on concerns of similar discounted share sales from Australian lenders. Bloomberg had to wait for NAB’s official announcement to confirm the 50 percent increase in the offer size, while Reuters updates were packed with exclusive details about the share sale. Reuters was at least 3 minutes ahead of Dow Jones on the upsizing of the offer and 12 minutes ahead on the pricing
