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You are here: Home Finance & Business Banking BNP Paribas calls off Fortis deal

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18/12/2008BNP Paribas calls off Fortis deal

BNP Paribas calls off Fortis deal French bank BNP Paribas SA has cancelled its acquisition of one half of the ailing Belgium's Fortis Bank.

Following a verdict last week by a judge in Brussels that Fortis should have asked shareholders' approval of the sale, Paribas announced on Thursday that the transaction could not continue as scheduled. The Brussels court's decision effectively froze the sale of Fortis shares to Paribas.

The takeover of the Belgian part of Fortis bank was to have cost Paribas, the largest bank in France, 14.5 billion euros. On the European stock exchanges the Paribas shares dropped slightly after the bank's announcement.
Saving Fortis in October: Belgium's Prime Minister Yves Leterme
with Dutch Finance Minister Wouter Bos (right)

Nationalised
Severely affected by the global financial crisis, international banking and insurance giant Fortis found itself teetering on the brink of bankruptcy a few months ago. To avoid a collapse, the Netherlands government nationalised the group's Dutch subsidiary in October.

In addition to Fortis Nederland, another top Dutch bank, ABN Amro, was also taken over by the government, in an unprecedented move to restore confidence in the financial system.
Photo © redvers
Dutch Finance Minister Wouter Bos has said both banks will remain state-owned at least until the end of 2009, but he emphasised that ultimately the banks would have to revert to their status of private enterprises. The nationalisation had the full and explicit support of the Dutch central bank, DNB.
 
Radio Netherlands
 
Photo: Redvers


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