This decision was necessary to preserve business continuity in the interest of shareholders but also thousands of depositors and customers of Fortis, "pillar of finance in the Benelux pushed to the brink of bankruptcy in late September by the crisis coming United States, found the President of the Commercial Court of Brussels, Francine De Tandt.
"Given the circumstances", namely the virtual absence of cash which was faces Fortis, the state intervention to restore the confidence of other banks and investors "seem to have been validly concluded and in conformity" with the statutes of society, she still believed in its order.
The court's decision "confirms the government's strategic choice to integrate Fortis Bank Belgium in a large European bank in the interest of investors, customers and staff (Fortis) and in the interest of the Belgian economy ", Welcomed the Belgian Prime Minister Yves Leterme.
The Socialist FGTB union also said it was relieved by a decision "to end the uncertainty hanging over the workers' group, one of the largest private employers in Belgium.
BNP welcomed the proposed takeover could "continue its course", arguing that "its implementation will make much stability and serenity required."
Even satisfaction side Fortis "Fortis Bank and Fortis Insurance Belgium welcomed the decision which allows them to consider more clearly their future, now linked to that of BNP Paribas," says a news release.
One of the lawyers for shareholders, Mischael Modrikanem, immediately announced his intention to appeal, saying "more determined than ever".
Minority shareholders, meeting under the leadership of two firms of lawyers, the court had taken urgently calling for the suspension of operations leading to the takeover by the Dutch government activities in the Netherlands and Fortis of BNP the main pole in Belgium and Luxembourg group.
Believing that the board of directors and shareholders of Fortis had been placed before a fait accompli by the government, they also required to take a decision at a general meeting.
Despite the advice of prosecutors, who had also felt on November 6 that shareholders should have been consulted, Ms. De Tandt objected, stressing the risk of calling into question "the ultimate backing to BNP Paribas , Sole guarantor of the survival of Fortis Bank. "
"It is feared that such distrust may result in an erosion of customers and deposits, creating a" major and irreversible damage ", while the judge may take only temporary measures," said Ms. De Tandt.
The court president also stressed that if the "code of conduct" well provided Fortis holding a general meeting for major decisions, the text was "not binding".
The only consolation for small shareholders who have seen the share price fall to less than one euro against more than 18 euros earlier this year: mandated court three experts to determine whether the price paid was adequate . BNP Paribas, during the hearings, ruled out any renegotiation.
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