UPDATE 2-SGP says may bid for DTZ

* Already owns 55 percent of DTZ

* DTZ shares up 31 percent

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By Andrew Macdonald

LONDON, May 12 (Reuters) - French family-run property group Saint George Participations said it was in talks about an offer for London-listed property consultant DTZ Holdings DTZ.L.

SGP, which already owns about 55 percent of DTZ, also said on Thursday it was in talks with French bank BNP Paribas (BNPP.PA) about its possible offer.

Two brokers told Reuters they valued DTZ at about 45-50 pence per share, while the Daily Telegraph reported SGP was mulling a bid of about 60 pence, the latter valuing DTZ at about 160 million pounds ($255 million).

Shares in DTZ, a rival to property services companies CB Richard Ellis (CBG.N) and Jones Lang LaSalle (JLL.N), were up 31 percent to 51 pence at 1315 GMT.

Collins Stewart analyst Nan Rogers forecast a bid of about 45 pence per share, saying DTZ was "not going to make a profit this year and will probably only make a small profit next year. So the 60 pence figure, for me, would apply if it was going to make 2013 profits now".

DTZ's exposure to China was a point of difference that people might be prepared to pay for, she said.

Another broker said an offer of about 60 pence would be on the high side. "Given the immediate issues of refinancing, there are really only a few choices for DTZ ... be taken over or to recapitalise," he said.

On March 18, DTZ said while it was trading in line with expectations, it cautious given global economic, political and environmental uncertainties. [ID:nLDE72H0E3]

Last October, it issued a profit warning saying European, Middle East and Africa operations were still being hit by lower-than-expected levels of investment activity. [ID:nLDE69R0C6]

SGP became the majority DTZ shareholder in 2008 following an emergency fund raising by DTZ. (Additional reporting by Karen Foster in London and Tresa Sherin Morera in Bangalore; Editing by Dan Lalor) ($1 = 0.6274 pound)