Brussels ruling that all shareholders can vote help Fortis
A Brussels court has ruled that all Fortis shareholders can vote on the sale of the company’s Belgian banking unit to BNP Paribas in a move expected to make a yes vote more likely.
Luc Maes, a judge at the Brussels appeals court, overturned his March 31 ruling that suspended the voting rights of those who bought Fortis shares acquired later than 14 October.
The ruling gives Fortis investors who didn’t see the value of their investment plunge following the breakup a say in the transaction.
Fortis said it “welcomes the ruling by the Court of Appeal of Brussels today. This ruling means that all Fortis shareholders are entitled to vote on the project with BNP Paribas at the Shareholders’ meetings to be held on 28 and 29 April 2009.”
