A spokeswoman for Paribas SA confirmed late Tuesday that its board has rejected Banque Nationale de Paris' takeover offer.
The Paribas board discussed the BNP bid Tuesday. BNP is offering 11 BNP shares for each eight Paribas shares and 15 BNP shares for each seven shares of Societe Generale.
Sources close to the talks said only two Paribas board members voted to recommend the BNP offer to shareholders. A company spokeswoman was not able to confirm that.
Earlier Tuesday, Societe Generale also rejected BNP's takeover offer and reiterated its confidence in the planned two-party merger with Paribas.