An announcement about the sale of Woodchester Investments is not now likely before early September. It is understood that before any sale is announced, the French government will be asked to give the buyer a commitment that it has accepted the offer.

Potential purchasers of the leasing company are understood to want to have an irrevocable acceptance from the French before any deal is announced. Through its ownership of the troubled Credit Lyonnais bank, the French government owns 54 per cent of Woodchester.

Sources said that this firm acceptance from the French will have to be sought as soon as the current negotiations are completed.

The advisers to Credit Lyonnais and Woodchester, Goldman Sachs and Chase Investment Bank, are in the final stages of negotiation with four parties interested in acquiring the company. After rounds of due diligence examinations and preliminary bids from potential purchasers, one source said the advisers are now in "final discussions on second round offers". Once agreement is reached with a buyer, the offer will have to put to the French Treasury Department to get its commitment to the deal.

While the advisers and company sources refused to comment on the negotiations yesterday, it is understood that the final bidders include GE Capital and AT&T Capital. Others bidders still in the market include a major financial institution based in mainland Europe, which has a leasing operation.

Final negotiations are centered on price. At yesterday's closing price of 290p Woodchester is valued at £626 million.