LONDON (Alliance News) - Charles Stanley Group PLC Tuesday said it is in talks that could lead to the sale of parts of its securities division, but said there is no certainty of a deal.
The news came after Sky News reported that Charles Stanley has reached the advanced stages of talks to sell the securities arm.
According to the Sky News report, which cited people close to the situation, the most likely buyer of the division is US-based Stifel Financial Corp, which owns brokers KBW Inc and Oriel Securities. In addition, the report listed Cantor Fitzgerald as a potential bidder, adding that Panmure Gordon & Co PLC is "said to have made an offer for the business in recent days".
http://news.sky.com/story/1442095/us-broker-swoops-for-charles-stanley-division
"The company confirms that it has entered into exclusive negotiations in relation to a possible disposal of elements of the division. At this stage no assurance can be given that a disposal will proceed," Charles Stanley said in a statement.
If it sold the securities division, Charles Stanley would be left with its investment-management services and financial services divisions and with Charles Stanley Direct, its executive-only dealing platform.
Charles Stanley shares were up 5.6% at 355.00 pence on Tuesday, while Panmure shares were down 1.8% at 130.10 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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