Chinese shareholders oppose Fortis sale

Chinese insurance group Ping An, which owns some 5% of the shares in Fortis Holding, will vote against the sale of parts of the group’s Belgian operations to French bank BNP Paribas.

‘Since September 2008, decisions to sell assets were driven by the Belgian government and have not only destroyed Fortis’ value but have also severely impaired Fortis shareholders’ interests as a whole,’ Ping An said in a statement quoted by Reuters.
Fortis shareholders are due to vote next Wednesday on the break-up of the financial services group. The Dutch activities have been nationalsied, the Belgium government has bought the Belgian banking arm and BNP Paribas’ has acquired the Belgian insurance assets.

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