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UPDATE 6-Fortis shareholders approve asset sale to BNP

Tue Apr 28, 2009 11:49pm IST
 
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* Sale of Fortis assets to BNP gets 72.99 pct backing

* Fortis AGM on BNP deal suspended twice

* Rebel shareholders demand chairman's resignation

* Further legal action threatened (Adds Belgian government reaction, lawyer's quote)

By Antonia van de Velde and Bate Felix

GHENT, Belgium, April 28 (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 favour 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.  Continued...

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