User:Racingweirdo/fortis/en

Fortis is a Belgian - Netherlands se  holding, which until mid 2008 was the parent company of the Fortis Bank. The business units sold in the late September and early October to the Dutch state and sold to the Belgian state in the late of september. All Belgian - Netherlands se daughter elements are split and sold to BNP Paribas and the Dutch state.

Credit Crisis
During the global credit crunch the bank in the summer and autumn of 2008 get in a negative spiral. In late June the market is startled by the news that Fortis needs extra € 8.3 billion, and the dividend despite the assurances will be removed. The shares are issued for 10 million placed by including the ABP. The Russian businessman Suleiman Kerimov get in Fortis for € 400 million. The Chinese insurance An-Ping would buy for 2 billion in the bank. Reduce credit evaluators in September Moody's and Standard & Poor's their ratings on Fortis. Fortis loses his position in the Dow Jones Euro Stoxx 50, the influential measure of 50 European companies. In late September the share price collapsed to below € 5.50, at a later denied rumors that De Nederlandsche Bank had made a request to the Rabobank Fortis to jump with a credits. Fortis interim CEO Herman Verwilst tried to reassure investors and analysts to speak. He comes not with detailed figures and makes the statement that Fortis certainly not going bankrupt. The share price falls further and closes on € 5.18, a loss of 71% since January 1, 2008

Aftermath
After posting the intervention of the government in early October, the trading in Fortis shares suspended. It was unclear what activities there are remaining Fortis and what the value should be. Only after one weeks on October 13 is the trade in Fortis shares resume. It opens 63% lower at € 2, - but drops during the week end away to well below € 1, -. Late November 2008, the (provisional) absolute low point: a Fortis cost than just € 0.57. That means over a 2008 return of -89.94%. Several parties have indicated a lawsuit against the group. Among others, the Association of Securities Owners (VEB) believes that the shareholders are wrong informed.

In the Dutch assets of Fortis ABN AMRO is a major component part. The suggestion that the estate receives this name is quickly made. By clumsy statements of ministers temporarily creates resentment between the Belgian and Dutch authorities. The colossal losses of investors soon found guilty.