MLex Comment: Fortis boss slams EC over forced asset sales in ABN Amro purchase
By Lewis Crofts ( August 19, 2008, 14:10 GMT | Comment) -- Fortis boss Maurice Lippens has criticised the European Commission for not extending the nine-month period allowed for asset sales demanded in the context of the breakup of ABN Amro last year. But the commission gave ample justification at the time for the swift divestment to protect the assets' value, and is now moving towards a six-month norm in its new remedies guidelines. Lippens also flirted with the prospect of legal action against the commission.Maurice Lippens, chairman of Belgo-Dutch bank Fortis, has criticised Competition Commissioner Neelie Kroes over not granting an extension to asset sales demanded when the bank joined a consortium with Santander and the Royal Bank of Scotland to purchase ABN Amro last year....
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