There is no shortage of M&A bankers who would like to see a merger between BNP Paribas and Société Générale. Such a deal, they all agree, would make wonderful sense, as it would create a true French champion with a solid domestic retail base.
BNP Paribas’ decision to hold back from bidding for its stricken rival, however, is prudent, not least because a hostile bid would have faced enormous...
