Announcement Fortis regarding call option shares BNP Paribas
(Thomson Reuters ONE) - On 27 July 2009, the European Commission published its decision todeclare various elements of the revised Agreement between Fortis, BNPParibas and the Société Fédérale de Participations etd'Investissement / Federale Participatie- en Investeringsmaatschappij(SFPI/FPIM), dated 12 March 2009, compatible with the common market.Under the Agreement, Fortis is granted a non-standard, cash-settledcall option by the SFPI/FPIM that allows Fortis to benefit from anappreciation in the value of BNP Paribas shares held by theSFPI/FPIM. These shares were acquired by the SFPI/FPIM inconsideration for the Fortis Bank shares that the SFPI/FPIMcontributed to the capital of BNP Paribas. The option entitles Fortisto the difference between the strike price of EUR 68 and the marketprice of the BNP Paribas shares at the time of the exercise of theoption or the selling price of the underlying BNP Paribas shares, ifthe SFPI/FPIM opts for this possibility. The option replaces theso-called "Coupon 42" arrangement, a compensation mechanism createdbut not implemented by the Belgian State in favour of certain Fortisshareholders.According to the Commission, the option granted to Fortis constitutesa state aid in favour of Fortis. The Commission nevertheless foundsuch aid to be compatible with the common market, based, among othercriteria, on the finding that distortion of the competition wasminimised by the undertaking by Fortis to distribute to itsshareholders the proceeds of the option.Fortis has indeed undertaken that, to the extent permitted by law andtaking into account certain practical constraints, it will propose toits shareholders the distribution of the advantage gained in the formof a dividend, if and when it receives any amount due to the partialexercise and/or monetisation of the option.Fortis holding (Fortis SA/NV and Fortis N.V.) consists of (1) a 75%ownership of AG Insurance, (2) Fortis Insurance International, (3) a45% stake in Royal Park Investments - a structured credit portfolioentity - and (4) financial assets and liabilities of variousfinancing vehicles. AG Insurance is overall market leader and aleading player in the Employee Benefits market. The internationalinsurance activities (Fortis Insurance International) are located inthe UK, where Fortis is the third largest player in the market forprivate car insurance, France, Hong Kong, Luxembourg (Non-Life),Germany, Turkey, Russia, Ukraine and joint ventures in Luxembourg(Life), Portugal, with Millenniumbcp Fortis being a clear marketleader, China, Malaysia, India and Thailand. Fortis currently employsover 10,000 people.Press Contacts:Brussels: +32 (0)2 228 82 92 Utrecht: +31 (0)30 226 32 61Investor Relations:Brussels: +32 (0)2 565 53 78 Utrecht: +31 (0)30 226 65 66http://hugin.info/134212/R/1331028/314811.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.07.2009 - 15:15 Uhr
Sprache: Deutsch
News-ID 4003
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