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Dec 13, 2008
Court freezes Fortis deal

AMSTERDAM (Netherlands) - A BELGIAN appeals court has frozen several major deals made by the former Belgian-Dutch bank Fortis NV to ward off bankruptcy, Dutch media reported on Friday.

The Dutch national broadcaster NOS said the Brussels Appeals Court reversed earlier decisions upholding the October sale of Fortis's operations in the Netherlands to the Dutch state, and Belgian operations to the Belgian state.

Shareholders had argued that the deals were improper because they were not consulted.

NOS reported on Friday the court said the deals would be frozen until shareholders have a chance to vote.

The decision threw into question the status of the countries' largest banks. NOS said it will be contested by the Dutch and Belgian governments. -- AP

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