Fortis shareholders Wednesday rejected the sale of several Fortis assets to the Belgian government by a narrow vote, effectively ending BNP Paribas's plan to take over Fortis Bank and potentially opening up a protracted legal wrangle over the future of the Belgian business.

At a tumultuous meeting in Brussels, attended by around 5,000 shareholders, only 49.74% of those represented voted for the sale of 50% and one share in Fortis Bank to the Belgian government. Fortis Chairman Jan-Michiel Hessels said the no vote on the sale to the Belgian state made the vote on the sale of Fortis assets to the French bank redundant.