Following Monday's public announcement by Fortis Holding's largest shareholder, Ping An Insurance (Group) Company of China Ltd., that it would vote its shares against the partial sale of Fortis Assets to France's BNP Paribas (BNP), today, Fortis Holding shareholders formally rejected the resolutions to nationalize Fortis Bank SA/NV and Belgium's subsequent proposed sale of 74.9% of Fortis Bank to BNP, as previously announced this past October, and subsequently suspended by the Court of Appeals of Brussels this past December, pending a Fortis Holding shareholder vote. The original proposal to sell 100% of Fortis Insurance Belgium to BNP was also rejected. According to Fortis, "[t]he (newly elected) Board of Directors will have to review the situation and announce the steps they intend to take as soon as possible."
In addition, Fortis Holding shareholders also rejected the October €16.8 billion sale of 100% of the shares of Fortis Bank Nederland (Holding) N.V., including the operations of Fortis Verzekeringen Nederland N.V., Fortis Corporate Insurance N.V. and Fortis’ interests in ABN AMRO, to the Dutch government. However, given that the transaction with the Dutch government has already concluded, it "[c]an only be cancelled if both parties agree, or after legal proceedings to decide the merits of the case."