Business | Banking
BNP: no interest in Soc Gen take-over
France's BNP Paribas has said it is no longer considering a take-over bid for scandal-hit Societe Generale.
- Agencies
- Published: 12:35 March 19, 2008
Paris: France's BNP Paribas has said it is no longer considering a take-over bid for scandal-hit Societe Generale.
France's biggest bank said it has ''ceased to consider a potential tie-up.'' The bank says it hopes to put an end to ''persistent rumors.''
Societe Generale has been the object of takeover speculation since a 5 billion euros (more than US$7 billion) trading loss was unveiled in January. The bank blames futures trader Jerome Kerviel for the loss.
Kerviel, who was freed from prison yesterday, has been charged with hacking into Societe Generale's computers, falsifying documents, and breach of trust. Kerviel says his superiors were aware of what he was doing, which the bank denies.
A combined BNP Paribas and Societe Generale would have become the second-largest bank in Europe by market value, with operations stretching from Honolulu to Moscow.
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