Shares in BNP Paribas surged 2.3% in early trading today on the back of speculation that Société Générale has called in banks to advise on a potential takeover bid for its bigger French rival.
BNP Paribas shares rose from €85.86 per share to as high as €87.85 by 8.30 GMT this morning, while Société Générale shares also climbed slightly.