In the light of encouraging developments, the European Commission has decided to grant an extension of the deadline until 20th October for the divestment of Fortis’ corporate banking business, consisting of Hollandsche Bank Unie N.V. (HBU), two corporate client departments, 13 “Advieskantoren” and ABN AMRO’s Dutch factoring activities to a large international bank.
The extra 24 hours is to allow a preliminary agreement on the sale of HBU and the other businesses that must be divested. Any further extension would be granted only in order to finalise a binding sale and purchase agreement.
In the context of the 3rd October 2007 merger clearance (see IP/07/1442), Fortis committed to the European Commission to not merge the Dutch activities of ABN Amro and Fortis without prior divestments. This commitment, which has not lost its importance or legal validity, was taken over by the Dutch State when it acquired control of both banks and took over Fortis’ position in the Consortium Agreement.
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