Finance: Dexia Group has entered “into final negotiations” with bidders for its Luxembourg-based Dexia Asset Management unit.
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“Three international investors are still in competition,” the company said after the end of trading on Wednesday.
The asking price is about €750 million, Reuters reported. Affiliated Managers Group, Federated Investors and New York Life Insurance of the US, British private equity group Permira, and Australian financial giant Macquarie had been in contention when serious talks began in May, the news service said. However, which of the five firms were among the final three was not disclosed.
In addition to Luxembourg, Dexia Asset Management has management centres in Brussels, Paris and Sydney, and operates in markets including Canada, Chile, Dubai and Switzerland. The firm said it had more than 544 employees and €79.3 billion in assets under management at the end of the first quarter this year.
Weighed down by the European sovereign debt crisis, Dexia Group has already disposed of its other Luxembourg holdings, in BIL and RBC Dexia, as well as businesses in Belgium and France. The restructuring is part of a €90 billion bailout by the Belgian, French and Luxembourgish governments.
Separately, the group said that its board chair, Jean-Luc Dehaene, had resigned as of July 1, and named Karel De Boeck as his temporary replacement. CEO Pierre Mariani also resigned, but will stay in his role until the sale of Dexia Asset Management and Dexia’s Turkish unit have both been finalised.