The largest shareholder (5%) in Belgo-Dutch Fortis is China's Ping An insurance company. Ping An said it would vote against the sale of the bank's Belgian assets to France's BNP Paribas.
The main creditor of Baugur, Landsbanki, has appointed PWC as administrator of the company to ensure "stability and continuity for the UK companies in which it has shareholdings".
Showing posts with label fortis. Show all posts
Showing posts with label fortis. Show all posts
Monday, 9 February 2009
Monday, 29 September 2008
Citigroup takes over Wachovia, B&B nationalised, Fortis Bailed Out over Weekend, Oil Price drops, House rejects US Bailout
Citigroup will take over all the assets and liabilities of Wachovia in a $2.2bn all-stock deal. According to CMA DataVision,
Citigroup's credit default swaps widened to about 416 basis points following the news from 328 basis points on Friday, i..e. it now costs $416,000 a year to protect $10m of Citi-debt, an increased cost of $88K a year. To raise capital, Citigroup will sell $10bn of common stock, and will cut its quarterly dividend in half to 16c a share to preserve capital.
Fortis was part-nationalised by the governments of the Benelux countries, being seen as too big to go under. To save the bank ministers agreed to put up 11.2bn euros ($16.1bn). ECB president Jean-Claude Trichet played a role. As part of the deal, Fortis will have to sell its stake in Dutch bank ABN Amro which is part-took-over last year. Fortis chairman Maurice Lippens will be forced to resign.
Oil dropped below $100 a barrel as fears spread that global economic weakness will drive down demand (November NYMEX futures was trading at $98.70 a barrel), irrespective of the $700bn bailout.
Eurostoxx is now down close to 3000 level, closing 4.69% down at 3008. FTSE dropped 5.3%, to 4818 (3yr low). The lower house of the US congress has rejected the bailout; many members of George W Bush's Republican party were strongly opposed to it (226 against versus 207 for). S&P is down 6.13%.
Also, on Reuters today: "Iceland's government bought a 75 percent stake in Glitnir for 600 million euros ($878 million) after the bank said its funding position had deteriorated due to turmoil on international financial markets".
Citigroup's credit default swaps widened to about 416 basis points following the news from 328 basis points on Friday, i..e. it now costs $416,000 a year to protect $10m of Citi-debt, an increased cost of $88K a year. To raise capital, Citigroup will sell $10bn of common stock, and will cut its quarterly dividend in half to 16c a share to preserve capital.
Fortis was part-nationalised by the governments of the Benelux countries, being seen as too big to go under. To save the bank ministers agreed to put up 11.2bn euros ($16.1bn). ECB president Jean-Claude Trichet played a role. As part of the deal, Fortis will have to sell its stake in Dutch bank ABN Amro which is part-took-over last year. Fortis chairman Maurice Lippens will be forced to resign.
Oil dropped below $100 a barrel as fears spread that global economic weakness will drive down demand (November NYMEX futures was trading at $98.70 a barrel), irrespective of the $700bn bailout.
Eurostoxx is now down close to 3000 level, closing 4.69% down at 3008. FTSE dropped 5.3%, to 4818 (3yr low). The lower house of the US congress has rejected the bailout; many members of George W Bush's Republican party were strongly opposed to it (226 against versus 207 for). S&P is down 6.13%.
Also, on Reuters today: "Iceland's government bought a 75 percent stake in Glitnir for 600 million euros ($878 million) after the bank said its funding position had deteriorated due to turmoil on international financial markets".
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