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 UTRECHT, The Netherlands, and BRUSSELS, Belgium, Nov. 19 -- Fortis and ASLK-CGER-Holding today signed the agreement confirming the purchase by Fortis of 49.9 percent of the shares in ASLK-CGER-Bank and ASLK-CGER-Insurance. The agreement between the two groups thus becomes operational as of today. As a result, Fortis and ASLK-CGER-Holding each own 49.9 percent of ASLK-CGER-Bank and ASLK-CGER-Insurance. The combined assets of the company formed by Fortis and ASLK-CGER-Holding are approximately $100 billion (in $US).
 Fortis received approval for this acquisition from the European Commission on Nov. 16, 1993. Belgium's insurance control board and banking and financial commission have meanwhile given their approval as well.
 Fixing Price
 Fortis and ASLK-CGER-Holding have agreed a total price of BEF 34.93 billion, with value date December 31, 1993, for the acquisition of 49.9 percent of the shares in ASLK-CGER-Bank and ASLK-CGER-Insurance. For the time being, Fortis will pay BEF 34 billion (value date December 31, 1993). Pending fixing the final price, the balance of BEF 930 million will be put into an escrow account. The final price will be fixed in April 1994, based on the results of the due diligence audit of the figures for 1992 and 1993. The audit will be carried out by accountants from ASLK-CGER-Holding and Fortis as well as by an independent third party.
 As announced earlier, the Boards of Directors of ASLK-CGER-Bank and ASLK-CGER Insurance will comprise an equal number of members from ASLK-CGER-Holding and Fortis. The Chairman of ASLK-CGER-Bank and the Vice-Chairman of ASLK-CGER-Insurance will have a casting vote. However, this vote will only be exercised if Fortis and ASLK-CGER-Holding fail to reach an agreement in their consultations.
 The Extraordinary General Meeting of ASLK-CGER-Bank held today appointed the following board members for a six-year term:
 -- Valere Croes, Chairman,
 -- Jean Hallet, Vice Chairman,
 -- Hans Bartelds,
 -- Jean-Pierre Cardinael,
 -- Roger Cocquyt,
 -- Jean Courtin,
 -- Karel De Boeck,
 -- Marcel De Doncker,
 -- Johan Delanghe,
 -- Mathias Dewatripont,
 -- Patrick Evrard,
 -- Joop Feilzer,
 -- Henjo Hielkema,
 -- Luc Keuleneer,
 -- Maurice Lippens,
 -- Gilbert Mittler,
 -- Tobert Tollet,
 -- Georges Valckenaere,
 -- Chris van den Berg,
 -- Rudi Vandervennet,
 -- Michel Van Pee,
 -- Herman Verwilst.
 The Board of Directors of ASLK-CGER-Bank appointed the following members of the Management Committee:
 -- Herman Verwilst, Chairman,
 -- Jean-Pierre Cardinael,
 -- Roger Cocquyt,
 -- Karel De Boeck,
 -- Patrick Evrard,
 -- Gilbert Mittler.
 The Extraordinary General Meeting of ASLK-CGER-Insurance held today appointed the following board members for a six-year term:
 -- Marcel De Doncker, Chairman,
 -- Maurice Lippens, Vice-Chairman,
 -- Hans Bartleds,
 -- Bert Beugelsdijk,
 -- Jean Courtin,
 -- Valere Croes,
 -- Herve Decuyper,
 -- Joop Feilzer,
 -- Jean Hallet,
 -- Henjo Hielkema,
 -- Marcel Malchair,
 -- Robert Tollet,
 -- Georges Valckenaere,
 -- Marcel Van den Abeele,
 -- Michel Van Pee,
 -- Jan Verschooten.
 The Board of Directors of ASLK-CGER-Insurance has placed responsibility for daily management in the hands of a Management Committee, which comprises the following members:
 -- Christian Basecq, Chairman,
 -- Marc Schiepers.
 Both members will take part in the meetings of the Board of Directors with an advisory vote. The other members of the Management Committee, who will be responsible for life insurance and non-life insurance, will be appointed at a later date. The Management Committee thus composed will act on a basis of common consent.
 Within Fortis it is customary for those holding primary responsibility for the large units in the group to have a seat on the group's Executive Board. With this "linking-pin principle" in mind, it has been decided to appoint Messrs. Herman Verwilst and Christian Basecq to the Executive Board of Fortis, effective today.
 In the management of ASLK-CGER-Bank and ASLK-CGER-Insurance, Fortis and ASLK-Holding will work on the implementation of the business plan that has been drawn up. This plan aims to make optimum use of the two companies' strong points and to build on a further strategy of growth intended to produce returns in line with the market.
 The partnership created between Fortis and ASLK-CGER-Holding enables Fortis to develop its strategy of bancassurance in Belgium as well. Thanks to this acquisition, Fortis is now one of the largest providers of financial services in the Benelux.
 Fortis is represented in the U.S. by Fortis, Inc., a company with 1992 revenues of $2.7 billion, net income of $134.8 million and shareholders' equity of over $800 million. It has approximately 6,000 employees. Fortis, Inc.'s parent companies are Holland-based N.V. AMEV and Belgium-based AG Group, each of which owns 50 percent of Fortis. N.V. AMEV's ADRs trade over-the-counter on the NASDAQ system.
 -0- 11/19/93
 /CONTACT: Bud Guthrie of Fortis, Inc., 212-323-9302, or Robert P. Borchert of Edelman Worldwide, 212-704-8293/

CO: Fortis; ASLK-CGER-Holding ST: IN: FIN INS SU:

TW-MP -- NY043 -- 6537 11/19/93 12:32 EST
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Publication:PR Newswire
Date:Nov 19, 1993

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