French bank BNP Paribas has cancelled its purchase of the Belgian arm of Dutch Belgian financial services group Fortis.
The decision comes less than a week after a Brussels court ruled shareholders must be consulted on the sale.
‘The acquisition of a stake by BNP Paribas in Fortis Banque cannot proceed as initially planned. As a result, the shareholders’ meeting convened on December 19th 2008 will no longer take place,’ the French bank said in a statement.
For the full statement, click here
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