A probe of the events surrounding the breakup of Belgian-Dutch financial conglomerate Fortis in 2008 has found that though the company could have communicated better with the public, splitting it was the best possible outcome.

The split saw BNP Paribas SA (BNP.FR) buy the Belgian bank assets of Fortis, while the Dutch government took over Fortis's Dutch businesses. Fortis's Belgian insurance business remains an independent company, now renamed Ageas NV (AGS.BT).

The reports "conclude that the events in September/October 2008 cannot be isolated from the general financial crisis of unprecedented proportion and that the deals with the Dutch and Belgian governments and BNP Paribas probably were the best possible outcome under the circumstances," Ageas said.

"Ageas welcomes the report as a step forward in removing part of the uncertainty relating to the events that occurred in 2007 and 2008," the company added.

The probe was ordered by a Dutch court in response to complaints from Fortis shareholders.

-By Matthew Dalton, Dow Jones Newswires; +32 2 741 1487; matthew.dalton@dowjones.com
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