BNP parabis still interested in fortis-deal.

We all know that BNP parabis would gain a lot of influence in the Belgian and Luxembourgish financial markets. BNP parabis didn’t seem to suffer that much under the financial crisis, so for them this was almost a closed deal. However since the fortis-deal was launched a lot of this certainty disappeared. The quotation of BNP on Euronext halved and because of the bankruptcy of Madoff they lost hundreds of millions of Euros. So doubts aren’t unthinkable in such a situation. Nevertheless a spokesman of BNP parabis declared that the bank still is interested to take over parts of Fortis.

Lotte Van Meirvenne

source:http://www.deredactie.be/cm/de.redactie/economie/081218_bnp

EU clears BNP Paribas deal

The EU approved the plan of BNP Paribas to buy the Belgian and Luxembourg banking arms of Fortis on Wednesday.

After BNP Paribas made the deal with the Belgian government to buy parts of Fortis, after the failure of an earlier attempt by the Belgian government to save Fortis, they became the largest holder of private savings in the euro area. At the same time the commission also cleared two statue rescues of Fortis.

To avoid a limited choice of credit card providers on the Belgian and Luxembourg markets and to comply with European antitrust laws BNP Paribas will have to sell off BNP Paribas Personal Finance Belgium in order to complete the Fortis deal.

Raf Van Bulck

Source: NRC Handelsblad

Dismantling of Fortis has been suspended

Earlier this day, the CBFA suspended the trade of Fortis shares on the Brussels stock exchange in the awaiting of the verdict which has been announced this evening. In contrast to the verdict made by the court of law nearly a month ago, the court of appeal declared the sale/takeover in which parts of the Fortis Holding will be sold to BNP Paribas and the Dutch government, must be suspended.

The verdict is mainly due to Mischael Modrikamen, a lawyer, who represents 2,000 displeased shareholders. He, and his 2,000 shareholders, share the opinion that the decision made by the board of directors was illegal and must be prevented. In order to solve this problem, the judge has appointed 5 experts. It’s their job to examine the correctness of the sale/takeover and finally give an advice so the judge can make his final verdict.

Daan Van Parys

Bronnen: Tijd
Standaard

Triumph after outvoting Davignon

Thousands of angry shareholders have outvoted the new Board of Directors of the Fortis Holding. The candidature of Etienne Davignon was rejected, he only got 49,91 % of the present votes.
More than 5,000 shareholders were present at the meeting in Brussels. Etienne Davignon was candidate to become president. Davignon is the man from the Belgium establishment and also a friend of Maurice Lippens, the former president of Fortis, who is held responsible for the downfall of Fortis.
For the approval of the new Board of Directors there had to be a consent in Utrecht as well as in Brussels. To legally compile the new Board, it has to count at least three members. Only two members got a majority, these are Louis-Cheung Chi Yan, representative of the Chinese bank insurer Ping An, and Karel De Boeck.

Source: De Morgen, Wednesday 3 December 2008.

Tine Van Landeghem