nrc.nl - International - Fortis loses 295 million euros due to troubled takeover http://www.nrc.nl/international/article2103631.ece/Fortis_loses_295_mil...

News, Opinion and Background - Monday 16 February 2009 Subscribe to International Newsletter

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News
Features Fortis loses 295 million euros due to
Opinion
Elsewhere
troubled takeover
Discussion Published: 24 December 2008 12:35 | Changed: 24 December 2008 12:37 Council of State criticises government proposal
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The troubled Belgian-Dutch bank Fortis, whose suspended
Newsletter Drop in profits for TNT and Nuon
takeover by BNP Paribas brought down the Belgian government,
News in Dutch said Wednesday the aborted deal also cost it 295 million euros in Man dials emergency number 293 times
Homepage currency transactions.

Fortis said it bought US dollars and Background - Belgium lurches from

British sterling after the takeover crisis to crisis
by the French bank was announced News - Fortis considered sacking
December 6 to fund its share of a four executives
planned credit portfolio entity, News - Belgian government offers
Royal Park Investments. resignation

That plan was suspended when a Brussels appeals court blocked the deal
six days later, leaving Fortis stuck with foreign currencies that were rapidly
declining on the money market. The court upheld arguments by
shareholders that the acquisition by BNP Paribas was improper because
they had not been consulted.

Fortis said it decided to offload the dollars and sterling, at a loss of 295
million euros (worth 412 million US dollars at Wednesday's rate). The sale
reduced its net cash position to 1.8 billion from 2.1 billion euros, it said.

The Belgian government of outgoing prime minister Yves Leterme resigned

Monday after it was accused of trying to influence the court decision. About

Fortis, once the largest bank in the Benelux countries, was forced NRC Handelsblad to expand European online media
network
repeatedly to seek government help during tight credit conditions. The
Dutch government bought all Fortis' Dutch operations on October 3. Two About nrc.nl/international
days later, the Belgian government nationalised Fortis in Belgium, and Partnership Video
planned to sell a a majority stake of the Belgian banking operations and all
of its Belgian insurance operations to BNP Paribas.

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11:55 ING to quit Formula One sponsorship

Friday 13 February
16:51 Dutch recession now official

09:26 Investors make future of Fortis uncertain

Thursday 12 February
14:47 Israel agrees to Dutch request for Gaza export

Wednesday 11 February
15:45 Fortis shareholders reject sale to BNP Paribas

15:29 More jobs cut at ING in the Netherlands

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nrc.nl - International - Fortis loses 295 million euros due to troubled takeover http://www.nrc.nl/international/article2103631.ece/Fortis_loses_295_mil...

Monday 09 February
17:18 Pressure on Dutch government to speed up economic rescue
plan

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12:16 Later retirement back on the political agenda

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