Belgium’s Banking Commission has given support to...
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Belgium’s Banking Commission has given support to Societe Generale de Belgique S.A., the country’s biggest and oldest holding company, in its effort to ward off a takeover bid by Italian financier Carlo de Benedetti. The independent commission upheld Societe Generale’s right to issue new stock as a defensive move. The ruling is a major victory for the $2.8-billion firm. On Tuesday, by contrast, the Finance Ministry agreed to let De Benedetti raise his stake in Societe Generale to 25%. That would give him effective control over the company, whose share ownership is scattered.
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