BNP intensifies battle for Lyonnais
The announcement came only hours before today's meeting of the Lyonnais board to discuss BNP's overtures. BNP has built a 16.2% stake in Lyonnais over the past two weeks, snatching the momentum from rival Crédit Agricole, which had also hoped to partner Lyonnais.
Lyonnais has so far maintained a position of 'absolute neutrality' towards the BNP move. But Jean Peyrelevade, Lyonnais chairman, is today expected to present the board with the results of his discussions with Michel Pérebeau, his opposite number at BNP.
