- ING (ING) intends to cut its stake in ING U.S. (VOYA) to 45% from 57% by selling 26.5M shares in a public offering and another 7M to the subsidiary.
- The transactions would be worth $1.2B based on ING U.S.'s closing price yesterday of $36.30, which is well above its IPO price of $19.50 in May. The Dutch bank plans to use the proceeds to repay debt.
- However, ING expects to record a Q1 loss of €2B, due to the difference between the sale price and the book value of ING U.S.'s shares.
- The Dutch bank is gradually exiting the unit as part of the terms of a bailout it received during the financial crisis.
- ING's PR about the deal clarifies the details of the sale after the company withdrew a release that it published in error.
From other sites
Video at CNBC.com (Mar 25, 2015)
Video at CNBC.com (Feb 17, 2015)
Video at CNBC.com (Dec 17, 2014)
at CNBC.com (Nov 11, 2014)
at CNBC.com (Nov 4, 2014)
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