The Wall Street Journal-20080214-SocGen Acquires Stake

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SocGen Acquires Stake

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PARIS -- Societe Generale SA said it completed its acquisition of a majority interest in Russia's Rosbank, strengthening its presence in one of the fastest-growing banking markets.

Yesterday, the bank said it will begin a mandatory bid for minority shareholders now that it owns 50% and one share of Rosbank.

Meanwhile, Jerome Kerviel -- the man SocGen blames for its 4.9 billion euros ($7.15 billion) trading loss -- has appealed against his detention, the Paris prosecutor's office said.