Europa's prelude

Claude Haberer, head of investor relations and financial information at Banque Nationale de Paris, put down his Monday morning newspaper and furrowed his brow. The headline announced rival bank Societe Generale planned a $13.7 bn merger with Paribas, France's fifth-largest bank. The surprise agreement meant BNP risked becoming odd man out in France's restructuring banking sector. Haberer shuddered. But he and his colleagues in BNP's IR department could take some consolation. After the February