Clashes over Cashes as bondholders fight BNPP (Updated)

30 Jan 2012

BNP Paribas held firm on Friday amid a bondholder rebellion as investors spurned a cash tender offer it made earlier in the week for €3bn of Fortis Bank convertible and hybrid equity-linked securities (Cashes).

The deal is supposed to unwind the links between BNP Paribas and Fortis Bank, and Ageas, the insurer carved out of Fortis in its 2009 restructuring. But unless BNPP makes a better offer, take-up is likely to be low.

BNP Paribas is offering a cash price of 45.0-47.5 for ...

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