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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Fortis bank, saved from collapse, again on shaky ground AFP - Sunday, December 14 BRUSSELS (AFP) - - Belgian-Dutch bank Fortis, saved from collapse by government rescue plans, is again teetering on shaky ground after small shareholders won a court case which freezes a buyout by BNP Paribas. Hard hit by the global financial crisis, Fortis was dismantled in October, with its Dutch assets nationalised by the Netherlands for 16.8 billion euros (22 billion dollars) and its Belgian and Luxembourg activities sold to France-based BNP Paribas. But now there is a stop on the Fortis transactions in Belgium, including a 65-day freeze on government involvement in the bank and insurance group, while an expert panel reviews the deal, a Belgian court of appeal ruled late Friday. The court agreed that the decisions taken by Fortis -- ranked by Fortune magazine in 2007 as the world's 20th biggest company in terms of revenue -- in early October had to be approved by shareholders. Belgium's premier Yves Leterme and finance minister Didier Reynders huddled Saturday to talk about finding a way out of the latest twist in the crisis that nearly toppled Fortis. The "surprised" Belgian government admitted that one option would be to file its own appeal of the court's decision, Leterme indicated after the talks. "Our goal remains first of all to protect the interests of Fortis's clients and savers as well as the employees," said Reynders. "The deal with BNP Paribas is the best," he said. "The stop (on the buyout) creates a new legal situation, but it is still entirely possible to continue to proceed as before." Belgian shareholders will make their decisions by February 12, at the latest, during a special general meeting. In the interim, BNP Paribas is to maintain normal inter-bank relations with Fortis, the court added in a 141-page ruling, the first 93 pages of which bore the names of 493 plaintiffs. BNP Paribas -- France's biggest bank by market capitalisation -- issued a statement saying the court's ruling has not changed its interest in Fortis. "For two months, we have been working together with BNP Paribas. We hope to close this deal in a reasonable timeframe," said a Fortis administrator, Filip Dierckx. Meanwhile, the court's backing of the shareholders having their say in the Fortis sale could lead to renegotiating the deal with BNP Paribas -- unless the Belgian state comes up with something additional to offer the small stakeholders. The deal reached with BNP Paribas on October 6 was valued at 14.7 billion euros. According to the terms, BNP Paribas would take over 75 percent of Fortis's banking operations in Belgium, with the state holding the remaining 25 percent, as well as 66 percent of Fortis Luxembourg with the Grand Duchy retaining 33 percent. "The state cannot do whatever it wants, this a victory for Fortis shareholders," said Mischael Modrikamen, one of the lawyers for the plaintiffs, on Belgian television RTBF on Saturday. On October 3, Fortis found itself on the brink of bankruptcy and decided to hive off its Dutch assets to the Netherlands government. Two days later, BNP Paribas announced it was taking over the Belgian and Luxembourg operations. The dismembering of Fortis left its small shareholders holding stock that had lost nearly all its value. The Dutch finance minister said Saturday that the Belgian court's decision would not affect the Netherlands, which has already announced the merger of Dutch Fortis operations with the bank ABN Amro. Fortis was part of a consortium that bought ABN Amro in October 2007 in the world's biggest ever banking takeover worth 71 billion euros -- a deal Fortis shareholders also argued had made the bank more vulnerable when the global credit crunch hit. In a separate case, Dutch Fortis shareholders have gone to court to seek relief against executives they accuse of keeping quiet as the bank bled 44 billion euros in 18 months. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A branch of the embattled Belgian-Dutch financial group Fortis is pictured in the center of Brussels. Belgian-Dutch bank Fortis, saved from collapse by government rescue plans, is again teetering on shaky ground after small shareholders won a court case which freezes a buyout by BNP Paribas. Most Popular – Top Stories Viewed US carmakers mull options as White House vows aid US Treasury ready to stave off auto sector collapse Nobel laureates crown U2's Bono 'man of peace' Italian investor group formally takes over Alitalia Greek youth protest switches to scene of teen killing View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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