We Soda scraps UK share listing in blow to London

The world's largest producer of natural soda ash has scrapped plans to sell shares on the London Stock Exchange just a week after announcing the move.

We Soda reportedly wanted to raise £600m through a flotation, valuing the firm at more than £6bn.

However, the company said UK investors "remain extremely cautious" and We Soda was unable to reach a fair valuation.

The reversal is a the blow to the UK, as the listing would have been the biggest flotation so far this year.

Just two weeks ago, We Soda's chief executive Alasdair Warren declared: "London still works".

But on Wednesday, Mr Warren said despite being "encouraged by the breadth of investor engagement globally" and interest in its initial public offering, the "reality is that investors, particularly in the UK, remain extremely cautious".

"This extreme investor caution in London meant that we were unable to arrive at a valuation that we believe reflects our unique financial and operating characteristics," he said.