Societe Generale Seeks EU4.8 Billion in Rights Offer

Societe Generale SA will seek to raise 4.8 billion euros ($7.1 billion) in a rights offer, the second in less than two years, to pay back state funds and bolster its capital position.

Societe Generale will repay 3.4 billion euros to the government, the Paris-based bank said in a statement today. Shareholders can buy two new shares for every nine held at 36 euros each, or 31 percent less than yesterday’s closing price. The stock fell as much as 3.1 percent in Paris trading.