In an attempt to bolster its argument that it has effective control of SG, BNP has been saying since the close of its offer for SG that it had commitments from additional stakeholders that would lift its share of SG to 43 per cent.

BNP's level of control of SG is important because the two banks are seeking to persuade regulators to back their positions in their merger battle. BNP argues it has effective control of SG even without a majority while SG denies this. SG said BNP's claims of shareholder support could indicate a case of collusion with BNP.