BoA Merrill, Deutsche Bank and UBS mandated for TRUenergy IPO

TRUenergy, the Australian unit of Hong Kong-listed power producer CLP Holdings, has mandated Bank of America Merrill Lynch, Deutsche Bank and UBS to work on an initial public offering and listing on the Australian Securities Exchange, sources said yesterday.

The deal, which is expected to come before the end of this year, could raise A$2 billion to A$3 billion $1.97 billion to $2.95 billion, according to various sources and media reports.

Although CLP has yet to formally come out and say that it will go ahead and float the Australian unit, which is currently 100% owned, investment banks have been eagerly competing for the...