Past Tense

April 28 Xinhua Fortis Group shareholders here on the 28th General Assembly passed the Fortis Bank and BNP Paribas amalgamation agreement.

Under the affirmation, BNP Paribas will purchase 75% of Fortis Bank’s shares. In supplement, a bank assurance in Paris, France, the Fortis Bank from Fortis Group, Fortis of Belgium to purchase their 25% stake in protection companies.

Fortis Group in September last year due to fiscal critical purpose in Belgium and Luxembourg were impelled to accept the government’s equity financial endeavour in rank to enhance mobility. In October the matching year, the Government of Belgium to arrive at an accord with BNP Paribas, which will be held by the Belgian government to pay for 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 agreement needs to be on the 29th in Utrecht, the Netherlands of Fortis Bank to convene Annual General Meeting were approved. If a new agreement in accordance with the above-mentioned acquisition of the last become a reality, Paris, with total reserves of the banks will absorb as much as 540 billion euros. If this standard position, BNP Paribas will become Europe’s largest bank.