BNP slides as media reports Belgium considers selling stake
Traders attributed BNP's sharper selloff to the report of the possible Belgian sale. Through its financial arm, SFPIM, Belgium currently holds a 5.6% stake in the French lender, following the group's acquisition of Fortis Bank Belgium in 2009. Belgium is looking for options to fund its planned increase in defence spending, in order to reach 2% of its gross domestic product this year, the minimum level agreed among NATO allies.