Fortis investors may appeal BNP deal in EU court

BRUSSELS, May 13 (Reuters) - Rebel Fortis (FOR.BR: Quote, Profile, Research) shareholders may appeal the European Commission's approval of the carve-up of stricken financial group in a last-ditch effort to scupper the deal, a lawyer said on Wednesday.

Mischael Modrikamn, who represents some 2,400 investors, along with other shareholder groups, would decide on Friday whether to bring their case to the European Court of First Instance, the 27-nation bloc's second-highest court.

On Tuesday the Commission, the European Union's executive and legislative branch, approved the carve-up of Fortis.

Modrikamen said on Wednesday the shareholders he represented now wanted to block that decision.

"Having briefly met (European Antitrust Commissioner Neelie Kroes), the shareholders are not at all convinced by the case presented by the Belgian government and BNP Paribas before the commission," Modrikamen's office said in a statement.

After an 11.2 billion euro cash injection failed to calm investors, Fortis was carved up by the Dutch, Belgian and Luxembourg governments in October.

Unlisted Fortis Bank Nederland, which contains the Dutch activities of Fortis and ABN Amro, was fully nationalised by the Dutch government for 16.8 billion euros and is now separate from what remains of Fortis in Belgium.

The Belgian state has now transferred 54.55 percent of the shares in Fortis Bank to French Bank BNP Paribas in exchange for BNP Paribas shares, Fortis said on Tuesday in a statement.

The sale of 25 percent and one share in Fortis Insurance Belgium to Fortis Bank and a number of other transactions approved by shareholders were also completed, the group added.

BNP Paribas now holds the majority of shares in Fortis Bank. (Reporting by Anne Jolis; Editing by David Cowell)