{"id":8781,"date":"2008-10-06T00:00:00","date_gmt":"2008-10-06T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"bnp-forks-out-26b-for-fortis-units","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/10\/2008\/bnp-forks-out-26b-for-fortis-units.html","title":{"rendered":"BNP forks out $26b for Fortis units"},"content":{"rendered":"<p>Sydney Morning Herald &#8211; BNP Paribas SA, France&#8217;s biggest bank, agreed to take control of Fortis in Belgium and Luxembourg for 14.5 billion euros ($26 billion), completing a breakup of the lender after a government rescue failed.<\/p>\n<p> BNP Paribas will pay 9 billion euros in stock and 5.5 billion euros in cash for 75% of Fortis Bank Belgium, all of the Belgian insurance operations and 67% of Fortis&#8217;s bank in Luxembourg, the Paris-based bank said in a e-mailed statement today. Fortis&#8217;s risky assets will be split off into a separate entity.<\/p>\n<p> &#8220;It means excellent conditions for buying a network with a government guaranty,&#8221; said Emmanuel Soupre, a fund manager who helps oversee about $31 billion, including BNP Paribas shares, at Neuflize OBC Asset Management in Paris. &#8220;It&#8217;s like buying a home with all the works at the expenses of the old landlord.&#8221;<a target=\"_blank\" href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/business.smh.com.au\/business\/bnp-forks-out-26b-for-fortis-units-20081006-4uzn.html\"><\/a><\/p>\n<p><strong><a target=\"_blank\" href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/business.smh.com.au\/business\/bnp-forks-out-26b-for-fortis-units-20081006-4uzn.html\">Read Complete Article<\/a><\/strong><\/p>\n<p><a target=\"_blank\" href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/business.smh.com.au\/business\/bnp-forks-out-26b-for-fortis-units-20081006-4uzn.html\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sydney Morning Herald &#8211; BNP Paribas SA, France&#8217;s biggest bank, agreed to take control of Fortis in Belgium and Luxembourg for 14.5 billion euros ($26 billion), completing a breakup of the lender after a government rescue failed. BNP Paribas will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[811,508,786,806,1180,3030,353,557,1668,2808],"class_list":["post-8781","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-australian-hedge-funds","tag-bad-news","tag-bank-for-international-settlements","tag-oracle","tag-prime-fund","tag-quarter-profit","tag-stocks","tag-superiors","tag-trial-attorney","tag-woes"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=8781"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8781\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}