Fortis shareholders have approved of the sale of Fortis Bank to BNP Paribas. Meetings in Belgium and the Netherlands approved of the sale, despite opposition from the groups largest shareholder, Chinese insurer Ping An.
In Belgium, despite 73% of shareholders approving of the sale, the meeting was adjourned as shareholders, angry at 95% losses on their investments, attempted to derail the sale. A shoe was thrown at Fortis Holding Chairman, Jozef de May, and trading in Fortis Holding was suspended.
In the Netherlands, the move was passed in far quieter circumstances. The second vote in Utrecht was needed for BNP Paribas to cement a majority stake in Fortis Bank, making it the largest deposit holder in the Eurozone.
BNP Paribas is also purchasing a 25% stake in Fortis Insurance Belgium from Fortis Holding for EUR1.375 billion euros (USD1.8 billion).