French banking battle intensifies

Article Abstract:

Banque Nationale de Paris SA (BNP) increased its bid for both Paribas SA and Societe Generale SA. The move only intensified the battle taking place within France's banking industry. BNP is attempting to form the largest bank in the world. BNP increased its bid for both Paribas and Societe Generale from $37 billion to $41 billion (39.66 billion euros). The increased bid comes through a cash payout to stockholders in Societe Generale.

Comment:

BNP increases bid for both Paribas and Societe Generale

BNP Targets to spruce up merger plan

Article Abstract:

Societe Generale SA and Paribas SA are raising the targets for their planned merger, in efforts to convince shareholders to shun a takeover of both companies by Banque Nationale de Paris. The banks are considering reducing the amount of capital employed in such areas as proprietary trading and emerging markets, in order to move funds to more lucrative businesses.

Comment:

Societe Generale SA and Paribas SA seek to merge to avoid takeover by Banque Nationale de Paris

French bank looks to Russia for growth

Article Abstract:

France's Societe Generale S.A. will obtain a majority stake in Russia's Rosbank, from 20% and one share to 50% and one share. The deal is valued at $1.7 bil for the additional 30% and $441 mil for buying out minority shareholders. Societe Generale anticipates owning up to 57.8% of the Russian bank by first half of 2008.

Company acquisition/merger, Russia, RosBank