Ready, steady, scramble

5 10 2008

**UPDATE (22:30): BNP Parisbas to acquire Fortis (DT)**

According to a report in business newspaper De Tijd, French bank BNP Paribas has come to terms with Belgian and Luxembourgian authorities regarding the takeover of Fortis. The French takeover is reported to consist of two operations: the Belgian government would first complete the nationalization of Fortis (purchasing the additional 51% for 5 billion euros) and then sell a 75% majority share in Fortis Bank Belgium to BNP Paribas. Instantly, the French bank becomes a major (and new) player in Belgium, while the Belgian government becomes the largest minority shareholder (25%) in BNP Paribas.

**UPDATE (21:15): (unofficial) BNP Parisbas nets majority
share in Fortis Bank Belgium and Luxemburg (DS, DT)**

First Belgium, now Iceland, the UK and Germany are scrambling to save their economies from collapsing. What’s next, OJ Simpson behind bars? Oh wait.




2 responses

5 10 2008
Writing Frontier

Time for you to check out “The Europeanization of America” at Writing Frontier’s

5 10 2008
Tom Van Hout

Yes, yes, yes. great article. quality journalism. will blog this asap. thanks for the link.

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