SocGen, Agricole deal on Newedge, Amundi seen in weeks: paper
PARIS (Reuters) - French bank Societe Generale (SOGN.PA) is likely to reach a deal within weeks to buy Credit Agricole's (CAGR.PA) 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.
A SocGen spokeswoman declined to comment. A Credit Agricole spokeswoman did not respond to a request for comment.
(This story corrects second paragraph to show SocGen, not Credit Agricole, holds 25 percent of Amundi)
(Reporting by Astrid Wendlandt and Pascale Denis; editing by Tom Pfeiffer)
NEW YORK - Stocks posted their largest drop in a month on Wednesday as traders locked in recent gains after a provisional budget deal out of Washington removed one of the near-term reasons for the Fed to keep up its current pace of economic stimulus.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
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.