Making friends

Fortis isn’t taking any chances over its mega rights issue. The Belgo-Dutch bank has the overwhelming vocal support of its investors for the E13bn capital raise, which will help pay the bill for part of Dutch rival ABN Amro. They backed it by more than 90% at a meeting last month. But votes are cheap. In signing up 13 external banks to help it sell the stock, Fortis has cast a wide net to make sure it gets the cash. That looks sensible. Sure, Merrill Lynch, the main adviser to Fortis and its bi...