Talks between Sal. Oppenheim, Macquarie collapse
FRANKFURT, Nov 16 (Reuters) - Talks between Sal. Oppenheim and Australia's Macquarie (MQG.AX) over the sale of the Luxemburg-based firm's investment banking operations collapsed late Monday, sources familiar with the matter said.
With the collapse of the talks chances of a rapid sale of the investment banking operations, where 450 staff work, have diminished.
Sal. Oppenheim's owners rejected Macquarie's offer as being too low, because it failed to reflect the value of the relationships or the staff within the division, one person familiar with the matter said.
The offer price was below the 200 million euros and 300 million euros equity level of the investment banking arm, this person said.
The owners of Sal. Oppenheim are not prepared to sell at a ridiculous price, another person familiar the with dynamics of the deal said.
Macquarie's negotiations with Sal. Oppenheim have run in parallel to talks between Deutsche Bank (DBKGn.DE) and Sal. Oppenheim.
Deutsche has agreed to buy Sal. Oppenheim's wealth management operations.
Deutsche Bank, Macquarie and Sal. Oppenheim declined to comment. (Reporting by Philipp Halstrick; writing by Edward Taylor; editing by Carol Bishopric)
