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Spanish state lottery to be sold off by end Oct

Wed 1st Jun 2011

Spanish Economy Minister Elena Salgado said on Wednesday the Initial Public Offering for 30 percent of the state-held lottery group Loterias will take place at the end of October.

The value of the state owned Lottery has been put at anywhere between 7.5 and 8.5 Billion euros, however, last week Moody's credit rating agency stated that it's privatisation along with the 49% state ownership in AENA, was unlikely to have much impact on the markets.

The combined sale of the AENA and the lottery could fetch 20 Billion euros, but the country still needs to meet debt payments of an estimated 52 Billion Euros by the end of 2011.

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