SocGen Sinks on Stock Issue, Writedown
Société Générale's already-battered shares fell more than 4% in Paris trading on Feb. 11, to €74.59 ($108.22) a share, after the bank announced a heavily discounted $8 billion capital increase to help offset losses from a rogue trading scandal and bad U.S. real estate investments. SocGen (SOGN) shares have fallen nearly 50% over the past year but had risen slightly since the scandal was disclosed Jan. 24 on speculation the bank could be a takeover target.
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