CITIC seeks Agricole stakes
Source: Bloomberg News |
June 10, 2011, Friday
|
Print Edition
Print Edition
CITIC Securities Co, China's largest brokerage by market value, plans to acquire two stakes of 19.9 percent each in Credit Agricole SA's brokerage units, CLSA and Credit Agricole Cheuvreux, for US$374 million.
Citic and the investment-banking unit of Credit Agricole, France's third-largest lender by market value, plan to create a brokerage partnership and may seek to cooperate in other areas, the companies said in a statement yesterday.
The accord stops short of their original plan to create an investment-banking joint venture in Asia. Credit Agricole, based in Paris, and Citic began talks in May 2010, and in December agreed to extend the talks by six months to June 30.
"It's a minimum agreement," said Pierre Flabbee, a Paris-based analyst at Kepler Capital Markets who has a "buy" rating on Credit Agricole's shares. "At least this is going to allow developing the businesses, but it isn't as ambitious as what was envisioned."
Citic and the investment-banking unit of Credit Agricole, France's third-largest lender by market value, plan to create a brokerage partnership and may seek to cooperate in other areas, the companies said in a statement yesterday.
The accord stops short of their original plan to create an investment-banking joint venture in Asia. Credit Agricole, based in Paris, and Citic began talks in May 2010, and in December agreed to extend the talks by six months to June 30.
"It's a minimum agreement," said Pierre Flabbee, a Paris-based analyst at Kepler Capital Markets who has a "buy" rating on Credit Agricole's shares. "At least this is going to allow developing the businesses, but it isn't as ambitious as what was envisioned."
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
