Societe Generale is in talks to buy the 50% stake of Credit Agricole over their jointly owned brokerage firm Newedge, Reuters reported citing sources familiar with the matter.
The French banking group’s are still in the process of discussing and are still haggling on a price, one of the sources told Reuters, adding it was a complex business in an uncertain market environment.
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According to market analysts following the case, the businesses have a total enterprise value between US$1.07 billion and US$1.33 billion.
Societe Generale had previously sought to exit derivatives-focused Newedge, as part of a post-crisis drive to strengthen its balance sheet, but a lack of buyers pushed the French bank to look instead at ways it might better integrate the business by taking full control.
The spokespersons for both Credit Agricole and Societe Generale declined to comment on the matter.
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