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Article: Societe Generale shares plunge after BNP Paribas says it is no longer considering bid
- Article from:
- AP Worldstream
- Article date:
- March 19, 2008
- Author:
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Shares in scandal-plagued Societe Generale SA plunged over 6 percent on Wednesday after rival French bank BNP Paribas SA said it is no longer interested in making a takeover bid.
Societe Generale has been the object of takeover speculation ever since the bank unveiled in January it had lost almost 5 billion (more than US$7 billion) unwinding what it said were unauthorized positions held by trader Jerome Kerviel in one of history's biggest trading scandals.
Shares, which have lost almost a third of their value this year, dropped 6.9 percent to 62.56 ($98.66). BNP Paribas' stock gained 5 percent to 60.99 ($96.19).
In a statement, BNP Paribas said it "believes that ...