French regulators have quashed Banque Nationale de Paris SA's effort to control a significant stake in Societe Generale, ending Banque Nationale's bid to create the world's largest bank through a consolidation of three French banks with more than $1 trillion of assets combined.

In a statement issued after a charged 11-hour meeting on Saturday, Bank of France Governor Jean-Claude Trichet said BNP failed to show that its 37.1% stake and 31.8% of voting rights, acquired in recent weeks, would give it control of Societe Generale.

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