French Workers Approve the TCW Sale
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Tuesday, July 31, 2012

French Workers Approve the TCW Sale

The Societe Generale team just cleared another hurdle to selling TCW [profile]. Lionel Laurent of Reuters reports that the French bank's labor unions have signed offer on the sale and expect the deal to be signed any day now.

"The works council has met," an attendee of the meeting told the wire service. "It is decided that we are selling TCW."

A spokeswoman for SocGen declined to comment to Reuters. While no bidder or price were disclosed at the meeting, according to the wire service's sources, Reuters reported earlier this month that Carlyle Group was still bidding after two other private equity firms dropped out.

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