French PM warns off SocGen suitors

The French government warned rival banks not to try to grab control of Société Générale in the wake of the rogue trader scandal.

"The government is very much on its guard against all attempts to destabilise Société Générale," Prime Minister Francois Fillon said this afternoon.

"The government will not let Société Générale be the object of hostile raids by other companies," he added

Shares in the bank, reeling from losses of €4.9 billion, rose 7 per cent to €76.1 in early afternoon trading amid takeover speculation today.

SocGen's plight has reignited speculation that BNP Paribas, France's biggest listed bank, might bid for it. SocGen escaped a takeover bid by BNP in 1999.

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