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Fortis shareholders rejected on Wednesday the deals that Fortis reached last year with the Belgian government, the Dutch government and French bank BNP Paribas which were meant to rescue the ailing Dutch-Belgian financial services group.

At a meeting of shareholders in Brussels, more than half of the some 4,000 shareholders present voted against the sale of the Dutch arm of Fortis to the Dutch state. Only 43 percent voted in favor, Belgian broadcaster VRT reported.

Philippe Bodson (2nd L) and Jan-Michiel Hessels (R), members of the board of directors of Fortis Holding, attend the shareholders assembly of Fortis in Brussels, capital of Belgium, 11 Feb. 2009. Fortis shareholders met on Wednesday to vote on the proposed sale of Fortis assets. [Xinhua]

The shareholders then rejected by a narrow margin the nationalization of Fortis' Belgian activities by the Belgian government. Some 49.7 percent of shareholders present backed the idea.

Because of the result of the second vote, the third question --whether they back the sale of a majority stake in Fortis banking operations in Belgium to BNP Paribas -- was not put to vote.

The result means that BNP Paribas now has to choose between abandoning the purchase all together or pursuing the acquisition in court. The latter could entail a series of long-dragging lawsuits.

Wednesday's voting results dealt a severe blow to the Belgian government's bailout plan which it insists is the best way to protect Fortis shareholders' interests.

Under the deals brokered by the Belgian government last October and amended in January this year, most of Fortis' operations were sold to the governments of the Netherlands, Belgium and Luxembourg and BNP Paribas. Shareholders were left with just a mix of international insurance activities and part of a portfolio of toxic assets.

Shareholders of Fortis draw ballots before shareholders assembly of Fortis in Brussels, capital of Belgium, Feb. 11, 2009. Fortis shareholders met on Wednesday to vote on the proposed sale of Fortis assets. [Xinhua]

While Fortis was once the world's 20th largest business in terms of revenue, its shareholders now found that their stakes have shed most of their value since the company sought government help last September.

Under the bailout deals, the Dutch arm of Fortis was sold to the Dutch state while the Belgian state fully nationalized the Belgian banking and insurance operations of Fortis before selling 75 percent of the banking operations to BNP Paribas.

However, the plan to carve up Fortis infuriated smaller shareholders of Fortis, who brought legal proceedings against the deals. In December the Brussels appeal court froze the breakup of Fortis, saying the sale of Fortis to BNP Paribas should not proceed before shareholders are consulted.

It is not clear what effect the voting results will have on the Dutch purchase of Fortis operations. The Netherlands has already made clear that it has no plan to return the now-nationalized business to Fortis.

On the eve of the shareholders' meeting both Fortis management and the Belgian government warned of the consequences of the sale of Fortis being rejected. They said a no vote will create an unclear legal situation and the company may be driven to the verge of bankruptcy.

Shareholders opposing the sale of Fortis said the hasty carve-up of Fortis have severely impaired its share value. Chinese insurer Ping An, Fortis' largest private shareholder with a 5-percent stake, said Sunday that the Belgian government's decisions have "destroyed Fortis' value" and "breached the corporate governance principles" of the bank.

(Xinhua News Agency February 12, 2009)