Ping An, the largest private investor in Fortis, said in a statement Sunday that it will again vote against the sale of Fortis to French banking giant BNP Paribas, the China Securities Journal reported Monday.
In the statement, Ping An said that the dismantling of Fortis, which has not been approved by shareholders, not only violates the basic principles of corporate governance, but also hurt the interests of shareholders.
"There still exist other viable plans that can meet the interests of all parties and these plans should be considered," Ping An said.
CEO of BNP Paribas Baudouin Prot said earlier that if the deal again fails to get shareholders' approval, his company will completely drop the deal to purchase part of Fortis assets.
Ping An Insurance, one of China's largest insurance groups, owns about 5 percent of Fortis' shares, which have lost more than 90 percent of their investment value. Earlier in April, Ping An announced that it had taken a combined 22.79 billion yuan impairment loss on its stake in Fortis.
For more detail, please read the full Chinese coverage at:
http://paper.cs.com.cn/html/2009-04/27/content_21562900.htm
(China.org.cn April 27, 2009)
