|
|
Article: This Month: Main News - European Giants Eye Bid For Troubled Societe Generale.(mergers releted news)
- Article from:
- The Banker
- Article date:
- March 1, 2008
CopyrightCOPYRIGHT 2008 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The unauthorised trades that cost Societe Generale about 5bn ($7.2bn) have opened the bank to a possible takeover, with the names of several European banks being touted as potential acquirers.
French duo Credit Agricole and BNP Paribas are believed to be the most likely bidders, after two major European rivals ruled themselves out in February.
Credit Agricole's main interest would be in SocGen's investment banking arm, which would strengthen its own investment bank, Calyon. Should this happen, SocGen's 7.5% market share in retail banking might be an easy target for rival BNP Paribas, whose investment banking operations overlap with those of SocGen. It is ...