socgen-fights-for-independence

SocGen fights for independence

SocGen has re-capitalised, dodged a takeover by BNP and is now trying to restore its reputation in equity derivatives.
May 04, 2008
Societe GeneraleÆs rotten year brightened in March when the bank successfully shored up its balance sheet with an $8.5 billion rights issue. The fresh injection of capital has helped the bank to stay afloat in the wake of a $7.7 billion loss by an equity derivatives trader in January.

The cash may even help SocGen avoid a takeover, but investors in the offer werenÆt betting on it. The deal, led by JPMorgan and Morgan Stanley, generated $16.1 billion of orders as speculators took advantage of a one-third discount to the stockÆs market price in the hope that a bidder would emerge to buy the French bank and pay them a tidy margin. Alas,...
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