Sothebys New York Important Jewels Auction Gains $16 mn

A good buying was seen at the auction where jewels were sold well over their pre-sale value estimate.

Post By : IJ News Service On 25 September 2012 12:50 PM
Fortis NV has garnered attention and interest from governments of three countries, to bail it from its downfall, with the condition that Fortis sell its stake in ABN Amro, which it bought last year. The three governments are of Belgium, the Netherlands and Luxembourg who have agreed to buy out Fortis at an estimated 11.2 billion euro ($16.4 billion).%% Fortis NV is the largest retail bank in Belgium, likewise ABN Amro is the largest in the Netherlands. It feels that the return on selling its stake in ABN Amro could possibly bring less than 24 billion euro (about $35 billion) that it spent in acquiring it a year ago. The sale will include the international diamond and jewellery division of ABN Amro. Fortis had formed a consortium with two banks, led by Royal Bank of Scotland PLC, to buy ABN Amro in a 70 billion euro ($102.5 billion) deal, which may now have been the cause of its fall, as reported by the Associated Press.%% The offer by the three governments also outlines that the governments will hold 49 percent stake in exchange and demands Fortis Chairman Maurice Lippens to resign.

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