Fortis was partially nationalised on September 28, 2008, with the three Benelux nations investing a complete of €11.2 billion (US$16.3 billion),(£10 billion) within the bank. The initial press releases reported that Belgium, the Netherlands and Luxembourg would invest respectively €4.7 billion, €4 billion and €2.5 billion in the Belgian, Dutch and Luxembourg Fortis Banks. In actuality, Belgium invested its stake into Fortis Bank SA/NV (Fortis's total banking division) in return for newly issued shares, making up 49% of complete outstanding shares in that company, with the Netherlands doing the identical for Fortis Bank Nederland (a part of Fortis Bank SA/NV). Luxembourg has agreed to a mortgage convertible right into a 49% share of Fortis Banque Luxembourg (also part of Fortis Bank SA/NV). This meant that solely a third of the banking division would nonetheless be owned by Fortis Group, and that only a 3rd of any future earnings by the banking division (together with the funding department) would benefit the shareholder. However, the shareholder would nonetheless get the total profits of the insurance coverage division; also, he was assured of the secure continuation of the company.

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On the conferences, the board took the position that they too had been heartbroken, but that they could not assist any of it and that if the EU and authorities measures in support of banks had been put in impact a couple of days earlier there would still be a Fortis. The two appeals really made by Fortis to the government of Belgium had been rejected. The shareholders, heartbroken by their losses, and betrayed by a long string of false reassurances (by Fortis, the Belgian regulators and the Belgian authorities) had been unimpressed. At the assembly in Utrecht, attended by nicely over a thousand shareholders representing barely over 20% of the capital, the proposal to appoint Davignon as chairman of the Supervisory Board simply scraped by (50.6%). At the meeting in Brussels, attended by over five thousand shareholders representing some 23% of the capital, he simply didn't get support (49.9%). As two of the opposite candidates also failed to be elected, the previous board remains in place.

Only some quite unusual shareholders, the Dutch ABP, the Russian Millennium, the Libyan LIA and the Chinese Ping An have been prepared to buy anew, but demanded a 25% discount and the assurance that additional measures were taken. The Belgian shareholders (holding a total of 15% of excellent shares) had been uncared for and heard of the plan solely after it had been announced. Many of these had contracted loans to pay for the sooner share issue and had been counting on the dividend to pay off these loans. They were furious to be surprised. On July 11, 2008, the CEO of Fortis Jean Votron stepped down (stories conflict as to the place of Lippens who was reported to be pressured to step down, however refusing). The overall worth of Fortis, as reflected by share value, was at that time a third of what it had been earlier than the acquisition, and just under the value it had paid for ABN Amro's Benelux actions alone. Share worth continued to waver beneath €10.  Th​is data h᠎as be en created ᠎by G​SA Content ᠎Ge​nera᠎tor  DEMO!

Consequences of rejecting the gross sales stay uncertain. Because of the uncertainty share price closed below €1.40 on Wednesday (from an intraday high of over €1.80 early on Monday). A lawyer appearing for Fortis defined (later in the day followed up by a Q&A published on the Fortis site) that certainly a vote in favor would approve the January 30 deal, however a vote towards would reject the October gross sales. Within the latter case the January 30 deal would be annulled, because the contract offers for this, but for the October gross sales the present contracts would stay in power, even if they've develop into illegitimate: additional negotiations or litigation would be required to resolve the scenario. However, Fortis doesn't have the cash to purchase back Fortis Bank, so this might remain with the Belgian State. Others point out that it stays unclear if Fortis is legally allowed to vary the agenda in this fashion.

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