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Belgium proposes new deal for Fortis
By Robert Wielaard |
March 9, 2009, Monday
|
Print Edition
Print Edition
THE Belgian government reached another deal on the weekend to sell Fortis Bank - the largest bank in Belgium and the Netherlands until the global financial crisis - to France's BNP Paribas.
The deal must be approved by Fortis Holding shareholders, possibly next month, but their immediate reaction was not good.
Fortis Bank was supposed to be sold to BNP Paribas ?? France's biggest bank - in October but disgruntled Fortis shareholders won a court ruling voiding the agreement saying that the government had no right to sell the bank without consulting shareholders.
Under the new deal, BNP Paribas will take a 75-percent stake in Fortis Bank costing 2.9 billion euros(US$3.7 billion) in stock, based on last Friday's trading rate of 1.04 euro per share.
The Belgian government gets a 25-percent stake in Fortis Bank which, in turn, will pay 1.38 billion euros for 25 percent of Fortis Insurance Belgium SA.
Fortis Holding retains 75 percent of that business.
The deal must be approved by Fortis Holding shareholders, possibly next month, but their immediate reaction was not good.
Fortis Bank was supposed to be sold to BNP Paribas ?? France's biggest bank - in October but disgruntled Fortis shareholders won a court ruling voiding the agreement saying that the government had no right to sell the bank without consulting shareholders.
Under the new deal, BNP Paribas will take a 75-percent stake in Fortis Bank costing 2.9 billion euros(US$3.7 billion) in stock, based on last Friday's trading rate of 1.04 euro per share.
The Belgian government gets a 25-percent stake in Fortis Bank which, in turn, will pay 1.38 billion euros for 25 percent of Fortis Insurance Belgium SA.
Fortis Holding retains 75 percent of that business.
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