Spain shelves lottery sale plan

SPAIN’S ruling Socialists abruptly shelved plans to boost public coffers by selling part of the lucrative state lottery, in the face of tough market conditions, political opposition and banks’ funding concerns.

Bookbuilding was supposed to begin today on the public offering of 30% of Loterias, which could have raised up to €9 billion, but the deal was fiercely opposed by the centre-right People’s Party (PP), which opinion polls show winning a November election.

Loterias, or LAE, known for the Christmas “El Gordo” draw, is the jewel in the crown of Spain’s remaining state-owned assets. It has the largest prize fund of any lottery in the world, last year paying a total of €2.3 billion.