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PARIS - FRENCH banking giant BNP Paribas said on Wednesday it had dropped any idea of a bid for Societe Generale, another leading French bank rocked earlier this year by the biggest-ever rogue trading scandal.
'Given persistent rumours (of a bid), BNP Paribas wants to make clear that it is no longer looking at proposals for a tie-up with Societe Generale,' the bank said in a statement.
'The conditions allowing a value creating operation for shareholders are not in place,' it added.
BNP Paribas had revealed at the end of January that it was looking at Societe Generale after its rival announced trading losses of 4.8 billion euros (S$9.8 billion) arising from allegedly unauthorised trading for which one of its traders, Jerome Kerviel, is being investigated.
There was speculation at the time that the French government would favour a takeover by BNP Paribas to head off any foreign bid.
Societe Generale raised raise 5.5 billion euros in fresh funds to cover the trading losses and restore confidence in its balance sheet. -- AFP
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