IN BRIEF : N.Y. Bank Buying Into French Firm
PARIS — Bankers Trust New York Corp. has agreed to take a 49% stake in French stockbroker Didier Philippe, the Paris firm said today.
Didier Philippe said in a statement that the New York-based bank would not take any role in running the brokerage and present directors would retain control.
It gave no financial details of the deal, but sources close to the operation said the New York bank was expected to pay about 125 million francs ($20.4 million) for the stake, although the precise figure had not yet been fixed.
The deal brings to about 30 the number of Paris brokers that have sold stakes to French and foreign financial institutions in the last year since a new Bourse (the Paris stock market) law opened brokers’ capital to outside investors.
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