Legal challenge to BNP bank move

Legal challenge to BNP bank move

PARIBAS AND Societe Generale last night mounted a legal challenge to the takeover bid by BNP. The banks, pursuing their own two-way merger, filed two identical lawsuits asking a Paris court to cancel the French stock exchange watchdog's ruling that BNP's bid was admissible. They believe a little-known provision of French banking law could thwart BNP's hostile offer.