Credit Agricole Is Said to Be in Talks to Invest in Guangzhou Auto Unit [Yahoo! Finance]
CREDIT AGRICOLE UNSP/ADR (CRARY)
NASDAQ:AMEX Investor Relations:
credit-agricole.com/en/finance/finance
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Source: Yahoo! Finance
Most Read from Bloomberg The French lender's consumer finance unit — Credit Agricole Personal Finance & Mobility — plans to buy about 50% of GAC's leasing unit via a capital increase, the people said, asking not to be identified because the talks are private. A transaction would give the leasing business a valuation of about $600 million after completion, according to the people. The companies are working out the details of a partnership agreement that could be announced as soon as next month, pending regulatory approvals in China, the people said. No final decisions have been made, they added. A representative for Credit Agricole declined to comment. GAC didn't immediately respond to requests for comment. Credit Agricole Personal Finance & Mobility and GAC have had a 50-50 joint venture since 2010 known as GAC-Sofinco Automobile Finance Co., which provides services including credit for car purchases mostly in China. --With assistance from Danny Lee. Most Read from Bloo
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