Financial Services Industry
Industry: Email Alert RSS FeedBNP Paribas answers call for shareholder rights.
Financial News, May, 2002
Byline: Michael Hoare
BNP Paribas has responded to a call from shareholder activist Deminor to clarify its position on Consors France, the subsidiary of an internet broker it bought at the end of April. Deminor had demanded that the French bank "without delay make clear and precise commitments with regard to the minority holders of Consors France to protect their interests and assure them an equitable outcome". In response, the bank has committed to not buying any more shares in Consors France this year.
BNP Paribas bought a 66% stake in Consors France's parent company Consors Discount Broker a month ago for [euro]287m ($259m) at [euro]9.08 a share. It will pay [euro]12.4 for each of the remaining shares, the minimum required by German law.
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