Ageas: Dutch Probe Says Fortis/BNP Deal Was Best Outcome
June 16 2010 - 12:27PM
Dow Jones News
A probe of the events surrounding the breakup of Belgian-Dutch
financial conglomerate Fortis in 2008 has found that though the
company could have communicated better with the public, splitting
it was the best possible outcome.
The split saw BNP Paribas SA (BNP.FR) buy the Belgian bank
assets of Fortis, while the Dutch government took over Fortis's
Dutch businesses. Fortis's Belgian insurance business remains an
independent company, now renamed Ageas NV (AGS.BT).
The reports "conclude that the events in September/October 2008
cannot be isolated from the general financial crisis of
unprecedented proportion and that the deals with the Dutch and
Belgian governments and BNP Paribas probably were the best possible
outcome under the circumstances," Ageas said.
"Ageas welcomes the report as a step forward in removing part of
the uncertainty relating to the events that occurred in 2007 and
2008," the company added.
The probe was ordered by a Dutch court in response to complaints
from Fortis shareholders.
-By Matthew Dalton, Dow Jones Newswires; +32 2 741 1487;
matthew.dalton@dowjones.com
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