Break-up will continue after Amsterdam court rejects plea

The FortisEffect group of shareholders opposed to the break-up and nationalisation of Fortis lost their attempt to stop the break-up of the company, Reuters reports.

The commercial court in Amsterdam ruled on Wednesday that it could not freeze the sale of the insurance units because it had already partially happened and there were practical objections on how to manage the units under a sale freeze.

FortisEffect, sued the Dutch state, saying the deal unfairly wiped out their stakes in the firm. They wanted to block the Dutch state from selling Fortis's two Dutch insurance units.

FortisEffect represented around 10,000 owners of Fortis shares, bonds and options.

No liability for damages?

"This ruling strengthens the Dutch state's position that the Fortis transactions are irreversible and the state is not liable for damages," the Dutch state said in a statement.

Legal proceedings on the issue of damages are continuing.