Danger: curve ahead

Fortis unveiled a new ad campaign in June proclaiming “Life is a Curve”. It has certainly been a downward one for the Belgo-Dutch financial services group. The slippery slope began with last year’s overpriced acquisition of ABN Amro and the whopping issuance of new shares needed to pay for the deal. Then, three weeks ago, Fortis announced a fresh capital hike, after initially denying the need for one. When that decision provoked a surge of shareholder ire, the board ousted chief executive Jean-P...