Spain has kicked off the sale of a stake in its state-owned lottery operator, three sources close to the deal said yesterday, defying tough markets to push on with what would be the country’s biggest initial public offering.

The offering of 30 per cent of Loterias y Apuestas del Estado, which one person familiar with the matter said could raise €6-9 billion for state coffers, is due to be completed in October, before the November 20th election.

The company will set an indicative price range for its shares in late September or early October, sources said. – (Reuters)