This morning, Fortis Holding (Fortis SA/NV and Fortis N.V.) announced an agreement on revised terms, subject to Fortis SA/NV shareholder approval, with the Belgian government and France's BNP Paribas PA (BNP) for the planned sale of Fortis Bank SA/NV and Fortis Insurance Belgium SA/NV to BNP. This announcement comes a few days after the parties reviewed the interim report provided by the Brussels Court of Appeals-appointed Committee of Experts, which contained several recommendations to renegotiate the previously suspended sale originally announced this past October.

Although the specific terms have not been published, various sources have reported that BNP will now purchase 10% (rather than 100%) of Fortis Insurance Belgium for €550 million in cash with Fortis Holding retaining the remaining 90%, and 75% of Fortis Bank SA/NV in an all-stock transaction now valued at €3.58 billion, with the Belgian government retaining the remaining 25%. BNP will also receive a 12% (rather than 10%) ownership stake in Fortis Bank's structured credit portfolio backed by a €5 billion guarantee from the Belgian government.

For purposes of the February 11, 2009 Fortis SA/NV shareholder meeting to approve the deal, the company has published a shareholder circular providing a factual description of the initial agreements between the aforementioned parties from this past October. However, the circular does not contain the most recent negotiations and changes to the deal, and therefore, Fortis SA/NV will be publishing an addendum to the shareholder circular.