Not the government but the stock market listed Fortis concealed that the government holding backed up Fortis with a loan of 3 billion euro.
After already given a capital contribution.
Everything goes to show that they did every thing to cover up the matter at the very most.
Everything goes to show that they did every thing to cover up the matter at the very most.
Three days after the announcement that BNP Paribis would buy Fortis Bank, BNP Paribas asks for a re-negotiation. It turned out that Fortis had a 2.5 billion debt with the bank. Because of that Fortis Holdings didn’t have as much cash as they assumed.
So the government backed up 3 billion euro to prevent that de BNP Paris lowerd their bid price.
Source:
Tine Van Landeghem
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