Dutch paid too little for Fortis, says CEO

The Dutch government paid too little when it nationalised the Dutch operations of Belgian-Dutch financial service group Fortis for €16.8bn, Fortis CEO Karel de Boeck told Wednesday’s Financieele Dagblad.

De Boeck claims the insurance arm of Fortis Nederland alone is worth 75% more than the Dutch state paid for it.
Next week a report by Belgian financial specialists is due out and if it supports his view, De Boeck is not ruling out a legal process against the Dutch state, says the paper.
The nationalisation of ABN Amro and the insurance arm of Fortis Nederland was agreed by the Belgian and Luxembourg governments in October 2008. But De Boeck told the Financieele Dagblad he does not feel bound by an agreement made before his appointment in November 2008.

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