Belgian Court Suspends Fortis-BNP Paribas Deal

Law360, New York (December 12, 2008, 12:00 AM EST) -- A Belgian court has reportedly frozen the sale of Fortis NV's Belgian assets to French bank BNP Paribas SA as part of a government-led carve-up, ruling that Fortis' shareholders must be allowed to weigh in on the deal.

Fortis was carved up by the governments of Belgium, Luxembourg and the Netherlands in October, with BNP Paribas agreeing to acquire Fortis' Belgian operations. However, a lawyer representing over 2,000 shareholders who sued the governments to challenge the plan said that an appellate court has blocked the transactions,...
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