All Fortis investors to vote on BNP, court rules

The Brussels appeals court also ordered that Fortis did not have to give shareholders a vote at its April 28-29 meetings on an alternative "stand-alone" plan, under which it would regain much of its banking activities.

Friday's ruling overturned last week's legal victory for Mischael Modrikamen, a lawyer representing some 2,400 Fortis shareholders. He had ensured only investors holding shares when the group was broken up in October could vote on the carve-up.

"It's clearly a defeat for us," Modrikamen said, adding he was now pessimistic about the chances of resisting plans to sell Fortis Bank to BNP Paribas.

"You will have a whole series of opportunistic Anglo-Saxon funds who will back it because they will be making a small profit. They have a lot of incentive to vote 'yes'," Modrikamen said.

Fortis welcomed the ruling, saying it provided legal certainty for shareholders. It also meant it would not have to revise the agenda for its meetings at the end of the month.

Last week's annulled ruling would have reduced the chance of the BNP Paribas deal being accepted, as it excluded those shareholders who bought shares since October 14.

Those shareholders would be eyeing a potential profit from their investments rather than a huge loss.

Fortis lawyer Francoise Lefevre said the court backed the substance of his arguments on both counts.

Fortis was carved up by the Dutch, Belgian and Luxembourg governments in October after an 11.2 billion euros ($14.87 billion) cash injection failed to stop its shares tumbling.