By Max Bernhard 
 

Shares in Societe Generale SA (GLE.FR) and UniCredit SpA (UCG.MI) rose shortly after market open on Monday on speculation that the two banks are reviewing a potential merger.

The Financial Times reported Sunday that UniCredit is considering a merger with the French bank but hasn't made a formal approach.

UniCredit shares rose as much as 4%, while Societe Generale traded up 2.9% shortly after open, following the report.

Directors at Societe Generale have been reviewing the possibility of a merger and officials of both banks are in early stage talks, according to the FT report.

Societe Generale on Monday denied any board discussions regarding a potential merger with Italian lender, while UniCredit declined to comment.

A potential deal would see two major European banks merge, with UniCredit and Societe Generale having a market capitalization of 32.76 billion euros ($38.19 billion) and EUR30.32 billion, respectively.

 

Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard

 

(END) Dow Jones Newswires

June 04, 2018 03:29 ET (07:29 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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