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Fortis’s rescue

Fortis-BNP deal faces new obstacle

By Stanley Pignal in Brussels

Published: April 1 2009 10:27 | Last updated: April 1 2009 12:29

The agreed sale of Fortis Bank to BNP Paribas ran into further turmoil Wednesday morning as the board of the bank’s erstwhile parent company met to discuss shelving a shareholder vote approving the deal.

A court ruling on Tuesday reiterated that shareholders of Fortis Holding – what remains of the once-dominant Belgian financial group laid low by the banking crisis – would have to approve the sale in a shareholder meeting.

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