Business

Embattled French bank faces takeover rumors

InternAdmin Contributor

Societe Generale (GLE) SA, the French bank that has shed more than a quarter of its market value this month, risks becoming the target of a takeover by a foreign bank, a French lawmaker said.

“We’re headed for a takeover attempt on Societe Generale by a foreign bank at a good price,” Jean-Pierre Balligand, a Socialist lawmaker who sits on the finance committee of the National Assembly, said in an interview. “It would be taking advantage of the euro crisis and that’s not good for France.”

Full story: SocGen Risks Becoming Takeover Target