Word: rale
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...comments Thursday on its contemplation of Société Générale, according to Mistral, increases the likelihood of a more complex acquisition scheme: the break up of Société Générale's retail network, which BNP covets, from investment banking activities, which interest Crédit Agricole. By tipping its hand, Mistral notes, BNP may be signaling to rivals now mobilizing in the wake of the debacle that it's about to launch a bid it had contemplated even before the Kerviel affair. Meanwhile, comments by French officials indicating the government...
...ultimately been turned with the company being bought out," notes Jacques Mistral, head of economic research at the French Institute of Foreign Relations in Paris. Despite that record, Mistral says he doubts that Bouton is staying on specifically to prepare Société Générale's sale. "Everyone there is still fully focused on surviving this scandal - the here and now," Mistral argues. "When the time comes where it's inevitable Société Générale's must either merge with a partner or be taken by force, Bouton will certainly leave...
...Indeed, since taking Société Générale's CEO post in 1997, Bouton has fended off several takeover bids. The most notable effort came in 1999, when BNP sought to buy Société Générale in an attempted three-way merger with French bank Paribas. Bouton's defensive maneuvers to prevent that were strengthened by labor stoppages by bank employees, many of them shareholders, whose support of Bouton since the Kerviel debacle has been solid. Despite that collective determination, Mistral says Société Générale...
...single-handedly broke the bank at Barings in 1995. And you know what? This kid Jérôme Kerviel, the 31-year-old who managed to lose $7.2 billion (that's with a B) at Paris investment bank Société Générale in just a few weeks, he's ... he's ... so much like Leeson that it's scary...
...Kerviel, 31, a futures trader from a second-tier business school, had worked at Société Générale since...