The Belgian state and France's BNP Paribas have reached a deal Saturday to sell financial group Fortis, the largest bank in Belgium and the Netherlands until the global financial crisis, according to the associated press reports.
Under the new deal, BNP Paribas will take a 75 percent stake in Fortis Bank costing euro2.9 billion ($3.65 billion) in stock, based on last Friday's trading rate of euro1.04 a share, from the Belgian state will gets a 25 percent stake.
Reaction from some shareholders of Fortis Holding did not agree, saying the government had no right to sell the bank without consulting them, but won a court ruling voiding the deal. The sale of Fortis Bank to Paris-based BNP Paribas was first concluded last October at a value of euro14.5 billion ($18.3 billion).
Fortis Holding retains 75 percent of that business. It said in a press release it can now expect clear industrial prospects as an insurance leader in Belgium.