Fortis to retain 90% of Belgian insurance business
BNP Paribas and Fortis have agreed revisions to the troubled banking and insurance group’s carve-up in a bid to convince Fortis’ investors angered by the initial terms to accept the deal, Reuters reports.
Under the new terms, listed Fortis Holding would retain a 90% stake in the Belgian insurance business with BNP Paribas acquiring 10% for €550m ($719.4m).
In October BNP Paribas was to buy 75% of Fortis Bank Belgium and all of Fortis Insurance Belgium.
That transaction, along with the Netherlands' purchase of all of Fortis's Dutch operations, was challenged by Fortis shareholders and a Brussels appeals court ordered that shareholders be given a say, bringing about the collapse of the Belgian government.
Fortis shareholders will also have the right to any profit the Belgian state made on its holding of BNP Paribas shares. Belgium received the shares when it sold a majority stake in Fortis Bank to BNP.
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