Daily Insurance Industry News
Daily Insurance Industry News
Thursday 18th of October 2018
January 29, 2009

Fortis renegotiates bailout

by David Masters

Story link: Fortis renegotiates bailout

Fortis has started renegotiating a bailout deal with the Belgian Government and BNP Paribas.

The original bailout collapsed after a successful legal challenge from shareholders.

Fortis said the renegotiations will consider recommendations from a court-appointed panel of experts to sell only half of its insurance unit to BNP Paribas.

Fortis had planned to sell its entire insurance business to BNP.

In a statement Fortis said: “The experts recommend that several significant elements of the agreements made on 3, 5 and 6 October 2008 be renegotiated.

“Fortis Holding confirms that it has started negotiations with the Belgian government and BNP Paribas in this respect.”

Fortis shares rose 13% to €1.59 following the confirmation.


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