SPANISH LOTTERY PRIVATISATION STARTS

Tuesday September 20, 2011 : Analysis sent to prospective investors interested in acquiring an up to 30 percent stake
 
The Spanish government has started the ball rolling on its privatisation of up to 30 percent of national lottery Sociedad Estatal de Loterias y Apuestas del Estado SA, which it hopes to sell off in order to raise around Euros 6 to 9 billion.
 
The lottery is expected to set an indicative price range for its shares in late September or early October, with an IPO before the end of the year in mind, according to sources quoted by the Reuters news agency this week.
 
Research compiled by analysts at more than 20 investment banks was sent to investors on Monday, marking the beginning of a two-week pre-marketing period to gather investor feedback.