Mota-Engil has suspended the initial public offering (IPO) of shares in its subsidiary Mota-Engil Africa, saying the decision had been taken "due to the recent significant deterioration in market conditions". In June the company announced plans to float at least 25% of its €1 billion per year African construction business on the London Stock Exchange. The floatation could have netted more than UK£405 million (€507.7 million) for the parent company had all the shares been subscribed at the top of the offer price. However, stock markets have been lower across Europe this week following concerns about Portuguese bank, Banco Espfrito Santo.
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