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JUL 24, 2013 - TheStreet

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The Deal: Dexia Scraps GCS Capital Deal

NEW YORK (TheStreet) - Franco-Belgian lender Dexia SA Wednesday said it had scrapped a seven-month deal to sell its asset management unit to Hong Kong-based buyout firm GCS Capital for 380 million euro ($503 million) but that it still plans to sell the business. The two sides signed a sale and purchase agreement on Dec. 12 but failed to meet a June 28 deadline for closing the deal. Although the deal now has clearance from the European Commission, Dexia said it had decided to scrap the SPA on July 15. The erstwhile buyer had a 10 working-day notice period from that date to close the ... Read More

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