Ageas SA: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Ford Investor Services, Inc.
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Ageas NV Announces Court's Decision in Dutch Fortis Mismanagement Proceedings
Ageas NV announced that Dutch Companies and Business Court (The Ondernemingskamer in Amsterdam) partly upheld Fortis NV mismanagement allegations. The Company announces it will appeal the decision. During the first phase of the proceedings initiated by representatives of Fortis shareholders, including the Dutch shareholders association VEB, following the dismantlement of the former Fortis group in 2008, the Ondernemingskamer ordered an inquiry into the management and the business course of Fortis NV during 2007 and 2008. The Court considers that there was mismanagement in respect of the following: the assessment and implementation of future measures to maintain and improve the solvency position of the former Fortis group; the information provided by Fortis concerning the so-called subprime exposure in the prospectus and trading update of September 2007; the communication concerning the so-called EC remedies imposed upon the takeover of ABN AMRO, among others. The Court rejects alleged mismanagement in respect of the decision in 2007 to bid for ABN AMRO, the decision not to invoke the so-called MAC (Material Adverse Change) clause with respect to the bid for ABN AMRO in 2007, the impairments on the structured credit portfolio communicated on September 29, 2008. The Company emphasizes that any claim for damages by former Fortis shareholders is not a matter for the Ondernemingskamer and consequently Ageas NV has not been ordered to pay any damages.
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