When two's a crowd can three succeed?

French banking has arrived at a turning point. In the past the government would have stepped in to resolve the takeover battle between Société Générale, Paribas and Banque Nationale de Paris. But this time it looks likely that shareholders will determine who triumphs. Rebecca Bream reports.

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Is French banking embracing Anglo-Saxon business style and finally bowing to shareholder value? The escalation of events since February would certainly suggest so. The bitter takeover battle currently being fought by Société Générale (SG), Paribas and their hostile suitor Banque Nationale de Paris (BNP) looks set to be decided for the first time by investors rather than the government.

The situation may get more complicated if other suitors step in. Governor of the Bank of France Jean-Claude Trichet might want to intervene in the national interest if a foreign bank decided to enter the fray. But at a time when he wants to prove that he would make a forward-looking European Central Bank governor, he would have to come up with a convincing reason to reject a...

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When two's a crowd can three succeed?

French banking has arrived at a turning point. In the past the government would have stepped in to resolve the takeover battle between Société Générale, Paribas and Banque Nationale de Paris. But this time it looks likely that shareholders will determine who triumphs. Rebecca Bream reports.

You must be a trialist or subscriber to view this content

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When two's a crowd can three succeed?

French banking has arrived at a turning point. In the past the government would have stepped in to resolve the takeover battle between Société Générale, Paribas and Banque Nationale de Paris. But this time it looks likely that shareholders will determine who triumphs. Rebecca Bream reports.

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