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SocGen shares soar on speculation about deal with UniCredit

SocGen shares soar on speculation about deal with UniCredit

Shares in French bank Societe Generale SA leapt nearly 5 percent Wednesday on what traders said was market talk that Italian bank UniCredit SpA could be preparing a bid.
SocGen and UniCredit declined to comment. Shares in the Paris-based bank, which has often been cited as an attractive target, rose 4.9 percent to euro146.11 (US$197.96).
Banking shares have risen in recent weeks amid bidding for Dutch bank ABN Amro Holding NV, which could trigger Europe-wide sector consolidation.
Analysts said a deal between SoCGen and UniCredit was possible but would take time to be carried out.
"Following the takeover news of ABN Amro, a deal for SocGen can no longer be ruled out just because of its size," said Millan Gudka of Dresdner Kleinwort.