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Article: CGU ups the stakes in French bid battle
- Article from:
- The Independent (London, England)
- Article date:
- July 30, 1999
CopyrightCopyright 1999 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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CGU, THE UK insurance giant yesterday snapped up 3 per cent of
Societe Generale, doubling its holding in the French bank to 6 per
cent, writes Andrew Garfield.
The move follows its dramatic eleventh-hour intervention in
France's banking bid battle when it declared its intentions on
Wednesday to buy shares in SocGen in support of the bank's efforts to
fend off a hostile bid from rival Banque Nationale de Paris.
The intervention has sparked controversy in France where,
following a complaint by BNP, the Commission des Operations des
Bourses, the French stock market regulator, last night announced an
investigation into ...