French bank Societe Generale is reportedly in the process of a debt-for-equity swap in which it will acquire fitness club operator Esporta. The bank, which was taken over by property entrepreneur Simon Halabi for £476 mln (EUR 538 mln) in 2006 in a deal backed by Societe Generale, is to be taken over by its lenders after administrators failed to secure a buyer for the group, the Financial Times has reported. Esporta's parent companies were placed in administration in 2007.
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