Dexia To Sell Luxembourg Unit To Qatari Fund For $954M

Law360, New York (December 20, 2011, 1:47 PM EST) -- Belgian bank Dexia SA, which is being broken up after receiving its second government rescue package in three years, has agreed to sell most of its Luxembourg assets to a Qatari investment group for €730 million ($954 million), the lender said Tuesday.

Dexia will sell 90 percent of its Dexia Banque Internationale a Luxembourg SA to Precision Capital LLC of Qatar, the bank said in a statement. The government of Luxembourg will take the remaining 10 percent stake, the firm said.

The sale is another step in...
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