The announcement of the ambition of Societe Generale to enter the boss of iconic Prudential to its Board of Directors has made much noise on the Paris market. The leader of the British insurer eventually declined the offer of the French bank yesterday, twenty-four hours after Societe Generale said it had offered a seat on its Board of Directors.
Tidjane was "very flattered to have been chosen for the post of independent director at Societe Generale," calling the bank "remarkable company."He justified his decision by the challenges it faces today: "My priority is to continue to focus on achieving strong results for our shareholders, and the success of the strategic transaction with AIG, and the 'integration resulting payday advance .ยป
More than a personal choice, his refusal would have been motivated primarily by strong opposition from shareholders of Prudential to this project. These are indeed alarmed at the proposal of Societe Generale, fearing that Tidjane not dispersed at the crucial moment of the acquisition by Prudential's Asian operations of AIG.
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