Fortis wants to keep on trading

Fortis has asked shareholders to approve plans to allow it to continue trading when they meet next month, reports the Financieele Dagblad at the weekend.


The former Dutch-Belgian financial services group now only consists of international insurance activities and a 66% stake in a vehicle for bad structured debt.
Most of its healthy activities were nationalised by the Dutch and Belgian governments last month. The Belgians then sold on its stake to French bank BNP Paribas.
Fortis said continuing to trade would generate the most value for shareholders as a sale of assets was not advisable in the current poor economic climate.
Shareholders have already taken legal action over the break-up of Fortis, claiming the price paid by the Dutch and Belgian governments was too low.
On Friday evening Fortis reported a net loss of €135 mln in the third quarter of this year.

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