Fortis share price
| Source: Reuters |
French conglomerate Suez had another busy month in the equity markets as it took advantage of a rally in the insurance sector to dispose of almost all its holdings in Fortis, the Belgian/Dutch bancassurer. The innovative disposal, managed by UBS, took the form of a combined mandatory exchangeable and block trade. It achieved a number of firsts and broke a number of records. The e1.19 billion three-year mandatory exchangeable into 75 million Fortis shares is the second largest mandatory exchangeable in Europe ever, after the Allianz/Miles deal in December 2000, also managed by UBS.
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