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Article: Societe Generale now eyes Europe
- Article from:
- AP Online
- Article date:
- August 16, 1999
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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IAN PHILLIPS, Associated Press Writer
AP Online
08-16-1999
Societe Generale now eyes Europe
PARIS (AP) -- Defiant in defeat, the French bank Societe Generale hinted Monday that it may look for a foreign partner now that its bid to merge with smaller rival Paribas has failed.
Societe Generale was the big loser this weekend in an ugly banking war when Paribas shareholders snubbed its proposed merger in favor of a hostile bid from Banque Nationale de Paris.
BNP had also hoped to take over Societe Generale in a 3-way deal to create the world's largest bank -- with assets of more than $1 trillion. But it gained only 36.8 percent of Societe Generale shares and 31.5 percent of Societe Generale's ...