* SocGen, Credit Agricole may restructure unit - source
* Sale process has been ongoing since 2011
* BNP, State Street among interested buyers - Les Echos
PARIS, Nov 23 French broker Newedge, owned by
Credit Agricole and Societe Generale, may be
restructured to help attract a buyer, a banking source close to
the situation told Reuters.
Newedge has been up for sale for the past year, struggling
to find a buyer amid a lack of appetite for euro zone finance
assets. Neither co-owner is willing to take on the business.
"A reorganisation of Newedge is being looked at by its
co-owners," the banking source said on Friday, adding Newedge's
key derivatives business has been hit by poor market conditions.
French newspaper Les Echos reported Newedge might split its
asset execution and clearing businesses to increase the chances
of a sale. BGC Partners, BNP Paribas and
State Street were among the interested buyers, it said.
A Newedge spokesman would not comment. Credit Agricole and
SocGen were not available to comment.
Newedge, formed in 2008 from a combination of Credit
Agricole's Calyon Financial and SocGen's Fimat unit, has about a
12 percent market share for execution and clearing on
global-listed derivatives exchanges, according to its website.
It employs 3,000 people in 16 countries and had a net
banking income of 913 million euros ($1.2 billion) in 2011 when
net profit fell two thirds to 33 million euros.