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BRUSSELS, BELGIUM — The Belgian prime minister says French banking giant BNP Paribas will take a majority 75 percent share of troubled bank Fortis NV.
Prime Minister Yves Leterme says the Belgian and Luxembourg governments will in turn take a blocking minority share in BNP Paribas.
The deal comes late today after two days of closed-door talks between the Paris-based bank, Fortis and government authorities in an effort to restore confidence in the company before markets open Monday.
The bank has been caught up in the financial credit crisis and its stock has plummeted in recent weeks amid fears it would go insolvent.
