Goldman Sachs, State Street and Macquarie are among the companies considering an acquisition of MF Global or parts of the struggling company, people familiar with the matter said.
Some of the companies looking at MF Global have not yet approached the firm; rather, they are assessing internally whether to make a move, the people said. Also, they may not move forward in the end, the people said. There could be several other firms eyeing the company.
Potential buyers for MF Global and its pieces are expected to decide on any move quickly, given MF Global's loss of some customer assets and its declining stock price. On Friday the stock was trading down about 12%.
Earlier this week, MF Global fully tapped a $1.3 billion credit facility to build up its cash position, a person familiar with the matter said. The company's lenders include Bank of America Corp., J.P. Morgan Chase & Co. and Citigroup Inc., the person said.
MF Global earlier had a roster of up to 10 potential partners, but has narrowed that list in recent days to fewer than five, the person said.
For MF Global, time isn't on its side. Some of its most-valuable assets are its employees and their customer accounts. Competitors can try to pick these off before any sale happens, creating a motivation for MF Global to sell while the firm is largely intact and staffers with big books of business can be incented to stay.
Financially, the firm's share price has been eroding and waiting to do a deal could steal any hope that the company could get a decent price for its assets. The company's market cap is currently about $229 million.
