Newspaper article The Evening Standard (London, England)

In Brief

Newspaper article The Evening Standard (London, England)

In Brief

Article excerpt

Euronext looks to unload stake in LCH Clearnet EURONEXT, the Paris-based European stock market, is negotiating to sell its 41.5% stake in LCH Clearnet the Londonbased clearing house. It is reported that Euronext would like to sell its entire stake back to LCH, which would have to fund any deal with debt. Euronext had already said that it would cut the stake to 14.9% after the Competition Commission report into its now aborted takeover of the London Stock Exchange. A complete exit would give LCH's new management - under its chief executive Roger Liddell - greater control of the business but it could also leave the business vulnerable to takeover by a rival like Deutsche Borse's Eurex.

Dairy Crest nears deal for Uniq's French spreads DAIRY Crest, the maker of Country Life butter, is reported to be in talks to buy Uniq's French spreads business for more than [currency]300 million ([pounds sterling]200 million). The company is not yet in exclusive negotiations but has made it to the final stages of the sell-off of the business which owns the St Hubert and Le Fleurier brands in France.

Several private equity groups are said to have dropped out of the auction recently. The French business has a turnover of [currency]190 million a year, is profitable and employs about 150 people.

Analysts believe that Dairy Crest would need to raise money through the debt market or a rights issue in order to fund the deal.

"We continue to be hopeful that we will reach a positive conclusion with our friends at Guangdong Development Bank and the authorities of Guangdong province," Citigroup senior vice chairman William Rhodes said. Citigroup has been locked in a yearlong battle with SocGen for the right to buy into the bank, which is in poor financial shape but has a network of more than 500 branches across China.

Citigroup's hopes high in battle for Chinese bank BANKING giant Citigroup still hopes to beat Societe Generale in a protracted battle for a stake in Chinese lender Guangdong Development Bank, a senior executive said in Beijing today. …

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