BNP Paribas 30% rate cuts

[ace00]

BNP Paribas have pulled out of buying the Belgian part of Fortis. Looks rather like they've run out of money. I'd only work for them if they pay up front.

Fortis shareholders voted down the take-over terms forcing BNP to pull out.

[Mich the Tester]

Fortis shareholders voted down the take-over terms forcing BNP to pull out.

Because BNP couldn't afford it. Seriously, banks demanding 30% rate cuts suggest just one thing to me; they're on the verge of bankruptcy.

[ace00]

Because BNP couldn't afford it. Seriously, banks demanding 30% rate cuts suggest just one thing to me; they're on the verge of bankruptcy.

No they could afford it, what they couldn't afford is to wait around for 100s of Belgian & Dutch shareholders to come to a common agreement. You know that could take decades

30% cut according to a bloke on this forum, hmmm......

[Mich the Tester]

what they couldn't afford is to wait around for 100s of Belgian & Dutch shareholders to come to a common agreement. You know that could take decades

That's true. Waiting for the Dutch and Belgians to agree on anything is like waiting for hell to freeze over. Nice if you can bill them for it though.

[ace00]

Here's an article if interested:

http://online.wsj.com/article/SB1229...googlenews_wsj

"In a statement, BNP Paribas said the acquisition can't proceed according to the planned timetable since the Brussels Court of Appeal suspended it. On Dec. 12. the court backed Fortis Banque shareholders who took the Belgian government to court in protest at the dismantling of the company that left them holding shares worth less than €1 ($1.44). It ruled that shareholders should have been given a say over the asset sale.

The move comes amid press reports that the Paris-based bank could drop the deal if it is held up for too long. Belgian newspaper Le Soir reported Wednesday that BNP Paribas Chief Executive Baudouin Prot told the Belgian government the bank will withdraw its bid for the Fortis assets unless the deal is concluded quickly."

[Peoplesoft bloke]

I'd only work for them if they pay up front.

Won't get offered a gig there

[Mich the Tester]

Won't get offered a gig there

Fine. I've got at least a few months to go here and then I should have enough in the bank to piss off to South America and live in the sun, and I think Mrs Tester's coming around to the same idea too. Why waste one's life working for big boring corporations in the hope of buying a big boring house and a big boring car, when you can get out into the big wonderful world and enjoy the sun?

[BrianSnail]

Fine. I've got at least a few months to go here and then I should have enough in the bank to piss off to South America and live in the sun, and I think Mrs Tester's coming around to the same idea too. Why waste one's life working for big boring corporations in the hope of buying a big boring house and a big boring car, when you can get out into the big wonderful world and enjoy the sun?

Amen brother!

Can I officially request that WHS becomes AB?

[BrilloPad]

Can I officially request that WHS becomes AB?

WHS

[ChimpMaster]

WHS

AB