Societe Generale favours NYSE for Euronext

3 October 2006

French bank Societe Generale (SocGen) has expressed its support for the New York Stock Exchange's (NYSE) bid for pan-European exchange Euronext.

The chairman of SocGen Daniel Bouton said that his firm, one of five banks that hold a stake of over ten per cent in Euronext, would support a NYSE bid on the condition that the exchange retains regulatory independence.

"The offer made by NYSE for Euronext is very good for Paris as a financial centre, in any case much better than the last proposal made by Deutsche Boerse," Mr Bouton's commented in an interview with Les Echos newspaper.

But the SocGen boss highlighted the importance of "guaranteeing the independence of regulators" in the same French newspaper interview.

In separate reports, the daily French newspaper Le Figaro quoted business lobbying group Paris Europlace as saying that it would urge Euronext to agree to a tripartheid merger with NYSE and Deutsche Boerse.

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