Fortis says its options in BNP worth more

BRUSSELS, Nov 12 (Reuters) - Belgian-based insurance group Fortis (FOR.BR) said on Thursday that options it owns in BNP Paribas BNP.PA shares had become more valuable after the French bank recently issued more stock.

Fortis received options as part of a deal with the French bank which may pay out some time in the coming eight years if BNP's shares rise in value. The higher BNP's stock price goes -- beyond a minimum of 66.67 euros after this adjustment -- the bigger the windfall for Fortis, a spokesman for the Belgian group said.

Fortis was carved up by the Dutch, Belgian and Luxembourg governments in October 2008 after an 11.2 billion euro cash injection failed to stem the slide of its shares.

French bank BNP Paribas (BNPP.PA) has now taken control of Fortis's Belgian banking arm Fortis Bank. The latter also has a 25 percent stake in its remaining Belgian operation, now called AG Insurance.

The break-up left Fortis as a pure insurance player with two main businesses and a stake in a portfolio of toxic assets. FII has life activities in Portugal and Asia and non-life in Britain. (Contact John O'Donnell; Editing by Greg Mahlich)