Dutch financial firm ING Group has confirmed that it is planning to sell approximately 33.5 million shares or nearly 12% stake in its U.S.-based retirement, investment and insurance subsidiary ING U.S.
The sale would reduce ING Group’s stake in ING U.S. to approximately 45% from approximately 57% at year-end 2013.
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ING Group said that expects to sell an additional seven million shares back to the U.S. unit, or around US$250mn worth of shares.
The Dutch group intends to use the proceeds of the planned transaction for the reduction of its core debt.
The sale is part of ING Group’s agreement with the European Commission to divest at least 50% of ING U.S. and deconsolidate this business before year-end 2014.
The firm has previously divested shares through an initial public offering in May and had another sale in October.
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By GlobalDataING Group is expected to divest the remaining stake in ING U.S. by the end of 2015.
