M&A Merger and acquisition
BNP Paribas discounts idea of merger with Société Générale
Source : http://iht.com
The chief executive of BNP Paribas reiterated Wednesday that the French bank had no plans to merge with the rival Société Générale, despite considering the possibility earlier this year.
Last month, Société Générale named its former finance director Frédéric Oudéa, as its new chief executive.
The boardroom change sparked speculation that a new Société Générale CEO might be more conducive toward a merger with BNP but the BNP chief executive, Baudouin Prot, said that BNP was not influenced by management changes at its rival.
"Concerning SocGen, personalities have never been a factor in our decision making process," Prot said comments posted on the company's Web site.
"Therefore we have nothing to add to our recent statement that conditions were not met to realize a shareholder value creating merger given the strict acquisition criteria of BNP Paribas," he added.
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