Shareholders set to reject Fortis carve-up

Shareholders are almost certain to reject the carve-up of Dutch-Belgian financial services group Fortis on Wednesday, the Financieele Dagblad said.

On Sunday major shareholder Ping An, which owns some 5% of the shares in Fortis Holding, said it will vote against the sale of parts of the group’s Belgian operations to French bank BNP Paribas.
Fortis shareholders are due to vote on Wednesday on the break-up of the financial services group.
The Dutch activities have been nationalised, the Belgium government has bought the Belgian banking arm and BNP Paribas’ has agreed to buy the Belgian insurance assets.
Investors lobby groups VEB, Deminor and other interest groups have already said they will vote against the plan unless the Dutch government agrees to reopen the nationalisation negotiations, the FD said.
The Dutch state paid €16.8bn for the Dutch activities, a figure which shareholders say was too low.

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