Paris / Beijing / Hong Kong , the 29 march 2012
Crédit Agricole Corporate & Investment Bank ("CA
CIB") and CITIC Securities ("CITICS) jointly announce an
alternative transaction perimeter, and new negotiations on
CLSA:
• The parties, with the full backing of CLSA
management, are entering into new negotiations to allow
CA-CIB to sell the remaining 80.1% of CLSA along with the
upcoming acquisition of the 19.9% stake in CLSA by
CITICS
• Cheuvreux is no longer within the perimeter of the
transaction and its new strategic orientations, currently
under review will be announced at a later stage.
• CLSA will maintain its management independence and
continue to operate as an un-conflicted provider of global
brokerage services.
Today, CA CIB and CITICS announce that, in view of new
developments in economic conditions and the recent
discussions between the parties, a consensus has been
reached to modify the transaction announced last July and
consider an alternative transaction structure, whereby the
Parties enter into additional exclusive negotiations
allowing CACIB to sell the remaining 80.1% of CLSA along
with the acquisition of the 19.9% of CLSA shares on terms
to be negotiated and agreed upon between the parties within
a short timeframe
CLSA will retain its independent management structure and
continue to operate under a management agreement that
allows for operational independence.
Both parties agree that CA CIB will maintain its financial,
business and operational support to CLSA during the
transition phase in order to ensure a smooth transition and
avoid any disruption for CLSA clients and staff; in
addition, CACIB aims at maintaining close relationships and
cooperation with CLSA. Assuming the change in control,
change to client counter-party risk will take place over
time and will proceed in an orderly fashion.
Any new transaction will be subject to corporate and
regulatory approvals.
distributed by | This press release was issued by Crédit Agricole SA and was initially posted at http://www.credit-agricole.com/en/News/Press-releases/Financial-press-releases/Joint-Press-Release . It was distributed, unedited and unaltered, by noodls on 2012-03-29 18:49:34 PM. The issuer is solely responsible for the accuracy of the information contained therein. |