The Brussels court suspended the transactions for 65 days, ruling that Fortis shareholders are to be allowed a say in the breakup of the bank and its takeover. The Belgian Government plans to appeal against the court ruling.

The deal was to have closed this month. October 2008 saw BNP Paribas bid EUR 14.5 billion in cash and shares to take control of stricken bank Fortis. France's biggest bank was to gain control of Fortis's banking businesses in Belgium and Luxembourg for €9 billion (funded by issuing new BNP Paribas shares) and Fortis Insurance Belgium for €5.5 billion in cash.

Fortis was rescued in a part-nationalisation by the Belgian and Luxembourg Governments. As a result of the proposed BNP Paribas takeover of Fortis, the Belgian Government would take an 11.7 percent stake in BNP Paribas and the Luxembourg Government a 1.1 per cent stake. The Governments are to retain blocking minority stakes in Fortis's banking operations in their respective countries.