Source Pravda.Ru

French Richelieu Finance forced to sell company

By Margarita Snegireva. Richelieu Finance confirmed on Monday that it was in talks over the possible sale of the company.

"We are in talks over a possible deal with another financial company," said a spokeswoman for Richelieu Finance, confirming an earlier report in French newspaper Le Figaro.

The company is being forced to take the step to avoid freezing or closing funds following losses in the small and mid-sized sectors in which it invests, the paper reported.

Small and medium-sized stocks have lost 16 pct of their value since the beginning of the year, the paper said.