NOT official:
Fortis will receive money from the Belgian and Luxemburg governments to keep operating (7 billion euro). Which means they are insolvent, don't have enought money for day to day operatons.
The Belgian government can't let the biggest bank go bankrupt (socialism) so a rescue is not surprise at all. I am wondering if this capital from the government is a (socialist) "gift" or do they get something in return? (shares)
Or maybe it is a short term loan?
They will sell ABN AMRO which they bought for 24 billion euro 8 months ago, to ING for 10 billion euro (auch, -60% on 8 months, even the Maricopa real estate market performs better).
Will update this post if more information becomes available.
Update 1: The 5 billion of the government will equal a 49% stake in the company. Fortis has about 2.5 billion shares. The 49% stakes will create another 2.4 billion shares so the company is now worth 10 billion with about 5 billion shares, which means that the stock is now worth about 2 euro.
Update 2: Fortis will postpone the final press release to 2 AM Belgian time but then the Asian markets are open for 4 hours and everybody will sell fortis' assets and it will be worth even less than it is now...
Some newspapers think that they postponed the press release because BNP Paribas is interested in taking over Fortis. (euro amount not known)
Update 3: BNP Paribas offered 1.6 euro per share. The government rejected the offer as too low. BNP Paribas and ING have no withdrawn and will offer no money. Fortis is now bankrupt and it will have to get money from the government to survive(i.e. to open its doors tomorrow ...)
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