A Belgian consortium claimed that it was...
A Belgian consortium claimed that it was close to victory in a battle to stop Italian tycoon Carlo De Benedetti from gaining effective control of the nation’s biggest company, Societe Generale de Belgique. The consortium, led by Belgian holding company Gevaert NV, said it was building a stake of 34.25% in the vast conglomerate, which would make a hostile takeover impossible. The consortium said it had already placed 10 million of 12 million new shares being issued by Societe Generale. But a court has yet to rule on a legal challenge by De Benedetti on whether the capital increase is allowed under Belgian law and where the new stock carries voting rights. De Benedetti controls 18.6% of Societe Generale shares.
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