Fortis will not face block Netherlands’ actives
24 December 2008Ministry of Finance of Holland considers that the decision of the Bruxelles blocking accounts of insurance group Fortis till February, 12th, does not concern purchases by the of the actives which are in Netherlands this country.
In October, 2008, Netherlands government has bought bank Fortis Nederland, bank ABN Amro and insurance company Fortis Verzekeringen for 16,8 billion euro and thus has saved them from bankruptcy.
Belgian state, in turn, has completely nationalized the Belgian part of bank and insurance actives of group Fortis. As it has become known this transaction should be completed in the beginning of next week.
Belgian lawyer firm Mischael Modrikamen, which is representing Fortis shareholders, has declared that it expects the beginning of new negotiations between Fortis and Belgian and Netherlands authorities. In lawyers’ opinion, these negotiations should make the sum of the transaction more favorable to shareholders.
- Fortis: unprofitable and unattractive
- Netherlands will allocate 10 billion euro for ING rescue
- Insurance company Aegon (Netherlands) has completed M&A on mergence of Merrill Lynch insurance divisions
- ING expects the loss on results of 2008
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