SocGen staff take to streets

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UNIONS representing employees of French bank Societe Generale will this afternoon march on the Bank of France to present objections to a takeover of SocGen by Banque National de Paris, which controls 37 per cent of the company after a five-month bid battle.

The unions will present grievances to Bank of France governor Jean-Claude Trichet who, along with the financial regulatory body, the Cecei, decides today whether BNP should be allowed to keep its stake in SG. Advisers to both sides expect the matter to end up before the Conseil d'Etats, France's highest court.