Fortis has been given the go-ahead to sell its assets to BNP Paribas.
A shareholder meeting in the Netherlands has cleared the way for Belgian bank Fortis to sell assets to France’s BNP Paribas. Following a stormy meeting with shareholders in Ghent yesterday, today’s meeting in Utrecht, Holland, peacefully approved the move by nearly 80 percent of votes. Shares in Fortis, once highly rated in Belgium, had plunged from almost 30 euros to below two euros, following its ill fated bid for ABN Amro. BNP Paribas’ shares rose on the votes result, and Fortis shares were suspended. BNP will have a 75 percent stake in Fortis , which is now in the hands of the Belgian state.