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 difficulties. Even a friendly one might not have been possible.
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