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Administration May 6, 2002
ING Puts Fortis Shares on the Block
June 5, 2002 (PLANSPONSOR.com) - Dutch banking and
insurance group ING has announced plans to sell its remaining
2.7% stake in rival Fortis to institutional investors,
according to a report from Reuters.
Reported by Nicole Halsey
Though the stake comprises roughly 36 million shares, valued at $751 million, the company is not making the sale to raise cash. According to analysts the stake is being sold because it no longer brings tax advantages to ING.
M&A
Last year, ING held more than 5% in Fortis, however its stake was diluted when Fortis merged its separate Dutch and Belgian shares into a single listed entity.
ING’s current 2.7% stake will be placed privately with institutional investors and the company expects this to be completed by market close on Thursday.
ING Investment Bank and Morgan Stanley Dean Witter & Co are the joint book runners for the transaction and are currently approaching institutions.