The government of the Republic of Congo has declared that it will not recognize the sale of the Société Générale Congo subsidiary to the Vista Group, after the French bank failed to grant it a right of first refusal.

In a press release dated June 12, the Congolese Ministry of Finance said it was surprised by Société Générale's announcement, four days earlier, of agreements for the sale of its subsidiaries in Congo, Equatorial Guinea, Mauritania and Chad.

The French group owns 93.5% of Société Générale Congo.

The Congolese state firmly denounces this approach and considers the agreement to sell the Société Générale group's stake to the Vista group to be null and void, the ministry said, adding that it did not rule out legal action.

Société Générale did not immediately respond to a request for comment.

(Bate Felix, with contributions from Mathieu Rosemain, edited by Tangi Salaün)