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."
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