Société Générale is to sell its stake in its US investment banking subsidiary, Cowen Group, through a float on Nasdaq to raise $100m (€82m). It bought the business seven years ago for a reported $615m. The French bank will sell 74.8% and offer 11.2% as an over allotment option. The remaining 14% will be retained by Cowen's management. If the deal raises $100m, the transaction will value the investment bank at $116m. The flotation will be led by Cowen Group, Credit Suisse, Merrill Lynch, Keefe Bruyette & Woods and Sandler O'Neill & Partners.

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