Feb 04 2009
Shareholders to Vote on Fortis Deal
Fortis, the Belgian financial services firm, whose state organized breakup is on hold pending the outcome of a shareholder vote which is scheduled for February 11. BNP Paribas has revised its offer for 75 percent of Fortis Bank N.V. and 10 percent of Fortis Insurance Belgium S.A.
Fortis is encouraging its shareholders to reject for the revised offer and the big question will be whether BNP will accept commencing long lasting legal proceedings to get the deal done.
It would be catastrophic for Fortis and the Belgian banking system if the deal is not done. The bank has been relying on BNP Paribas for funding since early October when clients withdrew deposits and credit markets froze following the fall of Lehman Brothers Holdings Inc. in September
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