April 28 Xinhua Fortis Group shareholders here on the 28th General Assembly passed the Fortis Bank and BNP Paribas joining agreement.
Under the agreement, BNP Paribas will buy 75% of Fortis Bank’s shares. In addition, a bank guarantee in Paris, France, the Fortis Bank from Fortis Group, Fortis of Belgium to buy their 25% stake in insurance companies.
Fortis Group in September last year due to economic urgent position in Belgium and Luxembourg were compelled to accept the government’s equity buying into in alignment to advance mobility. In October the identical year, the Government of Belgium to come to an affirmation with BNP Paribas, which will be held by the Belgian government to purchase 75% stake in Fortis Bank Belgium.
The whole process because of prior consent of shareholders views dissatisfaction among some shareholders and the courts. Brussels, Belgium, the Court of Appeal ruled the transaction illegal. Thereafter, BNP Paribas and the Belgian Government to amend the terms of the agreement, but the Fortis Group shareholders in February this year the General Assembly has again ruled out the revised terms of the agreement. After intense consultations, the third agreement was reached early in March this year.
The new accord wants to be on the 29th in Utrecht, the Netherlands of Fortis Bank to convene Annual General Meeting were approved. If a new accord in harmony with the above-mentioned acquisition of the last become a certainty, Paris, with total reserves of the banks will imbibe as much as 540 billion euros. If this yardstick location, BNP Paribas will become Europe’s greatest bank.
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