Fortis shareholders approve asset sale to BNP

By Antonia van de Velde and Bate Felix

GHENT, Belgium (Reuters) - Shareholders of Fortis (FOR.BR: Quote, Profile, Research) approved the sale of assets to France's BNP Paribas (BNPP.PA: Quote, Profile, Research) on Tuesday, bringing the controversial carve-up of the group closer to conclusion after last year's rescue.

After a debate that descended into chaos with investors throwing shoes and coins at the chairman, 72.99 percent of shares voted in favor of BNP's purchase of a 75 percent stake in Fortis Bank, the Belgian banking business now in state hands.

A majority of votes at a second meeting in the Dutch city of Utrecht on Wednesday will be required for the deal to be approved. The outcome there should be very similar given that shareholders can vote at both meetings.

Under the deal BNP Paribas will take the majority stake in Fortis Bank to make it the euro zone's largest deposit holder through its push into Belgium and Luxembourg.

It will also indirectly buy a 25 percent stake in Fortis Insurance Belgium from Fortis Holding for 1.375 billion euros.

BNP Paribas's shares were down 2.8 percent at 37.16 euros at 1600 GMT (12 p.m. EDT). Fortis shares were suspended.

"For BNP it doesn't change that much. It was already priced into the stock," said GSD Gestion fund manager Christophe Gautier. "BNP shares are more affected by what's happening in the broader banking sector."

The Belgian government said it was happy with the result, and looked forward to another shareholders vote in Utrecht tomorrow to conclude the deal.