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Report: Euroclear puts off sale decision as shareholders tussle

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Report: Euroclear puts off sale decision as shareholders tussle

Brussels-based Euroclear Holding SA/NV has postponed a decision on a potential sale of the securities settlement company due to disagreements among shareholders on how to realize the value of stakes in the group, the Financial Times reported.

Euroclear has been considering options that will allow its shareholders to off-load their stakes, including a sale or an IPO, and has previously hired Goldman Sachs to explore possible ways.

Euroclear carried out the review due to shareholder complaints following the collective sale of 15% of its shares by some banks, including Credit Suisse Group AG and Royal Bank of Scotland Group PLC, to Intercontinental Exchange Inc. and London Stock Exchange Group PLC in transactions that have valued the company at more than €5 billion, the newspaper noted. U.K. retail stockbroker The Share Centre has reportedly called for other shareholders to access the same valuation.

RBS sold a 4% stake in Euroclear to ICE in October 2017 for €275 million, with ICE subsequently increasing its stake in the company to about 10%.

Euroclear, which CEO Lieve Mostrey said in March expects to update shareholders on the matter in the second half, is now likely to make a decision in the first quarter of 2020, people with knowledge of the discussions told the FT. Euroclear, meanwhile, said it will provide an update in the coming months.