Angry Fortis Shareholders Break Into Spontaneous Song at Meeting


A group of rebel shareholders of Belgian banking group Fortis let it all out at the annual meeting this morning. Spurred on by activist lawyer Mischael Modrikamen, who was representing a group of small shareholders trying to block the bank's sale to BNP Paribas, they rushed the stage, threw shoes at management, and even broke into song, prompting chairman Jozef de Mey to temporarily adjourn the meeting.

Mr Modrikamen, can I please ask you to let someone else speak?” pleaded a clearly exasperated Mr de Mey. “No!” responded the crowd, some of whom began singing the Marseillaise.

"This is fun, but I don’t even want to think what it’s doing to the share price," said one former employee and shareholder.

Leave it to the French to conduct even a populist revolt in style. Too bad for them, it didn't work out. A majority of shareholders approved the deal not long after.

Fortis rebels disrupt EGM [FT]
Fortis shareholders in Belgium approve BNP deal [Reuters]