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FORTIS GRANTED EXTENSION ON EXCLUSIVE OFFER TO ACQUIRE SIGNIFICANT HOLDING IN ASLK-CGER-BANK AND ASLK-CGER-INSURANCE

 UTRECHT, The Netherlands and BRUSSELS, Belgium, July 30 /PRNewswire/ -- In a joint press release, Fortis and ASLK-CGER-Holding announced that the exclusive status granted to Fortis to negotiate its plans to acquire a significant holding in ASLK-CGER-Bank and ASLK-CGER-Insurance has been extended until Oct. 15, 1993.
 On May 19, 1993 Fortis made a non-binding indicative offer to acquire a significant holding in ASLK-CGER-Bank and ASLK-CGER-Insurance. Following that announcement, on June 22, Fortis and ASLK-CGER-Holding announced that they were starting discussions, on an exclusive basis, and initiating a business review for the purpose of drawing up a joint business plan and carrying out a financial appraisal.
 The two parties, Fortis and ASLK-CGER-Holding reported yesterday to the Belgian Minister of Finance on the present state of their negotiations and on the time-table for further negotiations. Following this, ASLK-CGER-Holding's mandate to negotiate has been extended to Oct. 15, 1993 in order to enable them to bring the matter to satisfactory conclusion.
 On the basis of this decision, ASLK-CGER-Holding has extended the exclusive status granted to Fortis, for a period ending Oct. 15, 1993. The two parties will do their utmost to reach an outcome before that time. Of course, the outcome is dependent on the satisfaction of Fortis' acquisition criteria and that the two parties' future plans fit well with each other.
 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- 7/30/93
 /CONTACT: Meril Joseph of Fortis, Inc., 212-323-9806, or Robert C. Hubbell of Edelman Worldwide, 212-704-8255, for Fortis, Inc./


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

MP-OS -- NY015 -- 7649 07/30/93 10:02 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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