State attaches claim Ageas for ABN AMRO shares
Monday, 28 February 2011
The State has attached a claim of Ageas (previously Fortis) for shares in ABN AMRO Bank
The attachment relates to the settlement of "mandatory convertible securities", bonds which have yesterday been converted into Ageas shares. Fortis Bank Nederland (by now ABN AMRO Bank) was one of the companies that issued these instruments. Ageas claims that, in connection herewith, it is entitled to newly issued shares in ABN AMRO Bank with a value of Euro 2 billion.
The State is of the opinion that this entitlement of Ageas has explicitly been terminated at the occasion of the sale of Fortis Bank Nederland on 3 October 2008. The purpose of the sale was that the State would acquire 100% of the shares in Fortis Bank Nederland.
If Ageas pursues its claim, it will be liable for damages toward the State and the State can then demand that Ageas transfers any entitlement to new shares in ABN AMRO Bank to the State. The State has effected the attachment as security for these claims against Ageas.
Both Ageas and the State have previously expressed that they prefer an amicable resolution of the remaining issues regarding the takeover of the former Dutch parts of Fortis. The attachment is a necessary step in connection with the conversion date of 7 December 2010, but the State is still striving to achieve a settlement.
