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SocGen in talks to buy out Newedge venture-sources
June 13, 2013 / 2:51 PM / in 4 years

SocGen in talks to buy out Newedge venture-sources

PARIS/HONG KONG, June 13 (Reuters) - French bank Societe Generale is in talks to buy out rival Credit Agricole’s 50-percent stake in their jointly owned brokerage Newedge, several sources familiar with the matter have told Reuters.

SocGen and Credit Agricole have yet to reach agreement on a price, one of the sources said, adding it was a complex business in an uncertain market environment.

The total business has an equity value of around 800 million to 1 billion euros ($1.07 to $1.33 billion), according to banking and analyst sources.

Spokeswomen for Societe Generale and Credit Agricole CIB declined to comment. Newedge referred a request for comment to its parent shareholders. (Reporting by Lionel Laurent in Paris, Michael Flaherty and Nishant Kumar in Hong Kong; Additional reporting by Denny Thomas in Hong Kong and Matthias Blamont in Paris; Editing by Elena Berton)

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