CORRECTED-SocGen, Agricole deal on Newedge, Amundi seen in weeks - paper
(Corrects second paragraph to show SocGen, not Credit Agricole, holds 25 pct of Amundi)
PARIS, Sept 9 (Reuters) - French bank Societe Generale is likely to reach a deal within weeks to buy Credit Agricole's stake in their brokerage venture Newedge, French weekly Le Journal du Dimanche reported.
The agreement would also see SocGen cut its 25 percent stake in Amundi, its fund management business owned jointly with Credit Agricole, to around 15 percent, the paper said, without citing sources.
Reuters had reported in June that Credit Agricole was in talks to sell its Newedge stake to SocGen.
SocGen had earlier tried to exit the derivatives-focused broker but a lack of buyers pushed it to look instead for ways to better integrate the unit, sources familiar with the matter said.
A French banking source said on Monday that the deal was likely to go ahead soon and would involve a sale of Amundi shares.
Using a share-exchange structure would allow the two banks to preserve their cash and narrow their focus on businesses they are keen to develop.
SocGen may look to exit Amundi completely over the next two years, Le Journal du Dimanche said.
- Malaysia military tracked missing plane to west coast: source |
- Malaysia air probe finds scant evidence of attack: sources |
- Ukraine forms new defense force, seeks Western help |
- Freescale loss in Malaysia tragedy leads to travel policy questions
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source