At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once again. Video
NEW YORK - Dish Network Corp said it would not make a new offer to buy No. 3 U.S. wireless provider Sprint Nextel in time for a Tuesday deadline and will instead focus on its tender offer for Clearwire Corp.
WASHINGTON - Small business optimism rose to a one year-high in May, a hopeful sign for an economy that has hit a soft patch.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Credit Agricole in Cheuvreux sale talks: sources
PARIS/ZURICH (Reuters) - French bank Credit Agricole (CAGR.PA) is in talks to sell its loss-making Cheuvreux brokerage arm to financial services group Kepler Capital Markets, sources familiar with the matter said on Friday.
Kepler is one of two or three potential buyers for the unit, which has been in search of a partner since China's Citic Securities dropped plans to buy a 20 percent stake in it, a source close to Cheuvreux told Reuters.
"There are talks underway on Cheuvreux," the source said, adding that a preliminary agreement could be reached by mid-July. "A sale is one of the possible outcomes. Today there are still two or three possible partners including Kepler."
A second source close to the matter also said Kepler was in talks to acquire Cheuvreux. Neither source indicated a value for the deal.
Credit Agricole declined to comment. Kepler officials could not immediately be reached.
Kepler is headed by veteran French banker Laurent Quirin, who told Reuters earlier this year that the bank was broadening its reach beyond equity brokerage and poaching top talent from banks just as they were pulling back.
The firm narrowly escaped collapse in 2008 when the fall of its Icelandic parent Landsbanki pushed Quirin to lead a management buyout of the broker he founded a decade earlier.
Credit Agricole, which is already cutting more than 2,000 jobs in its investment bank, had been looking for a partner for Cheuvreux since Citic set its sights on buying all of Asia-based sister brokerage CLSA.
The bank, whose shares in early May hit their lowest point since the bank's December 2001 IPO, rallied on Friday along with other European lenders, gaining 8.7 percent. Credit Agricole shares are up 20 percent this month, helped by the victory of pro-bailout parties in Greece where the bank has a major unit.
(Writing by Christian Plumb; Editing by James Regan)
- Tweet this
- Share this
- Digg this