Belgium, BNP Paribas reach Fortis Bank sale deal

The Belgian government reached a fire-sale deal Saturday to sell Fortis _ the largest bank in Belgium and the Netherlands until the global financial crisis _ to France's BNP Paribas.

The deal must be approved by Fortis Holding shareholders, possibly April 8 and 9.

The immediate reaction from some shareholders was not good.

The sale of Fortis Bank to Paris-based BNP Paribas _ France's biggest bank _ was first concluded last October at a value of euro14.5 billion ($18.3 billion). But disgruntled shareholders of Fortis Holding won a court ruling voiding the deal saying the government had no right to sell the bank without consulting them.

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