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3 years ago
ING Group says filing on U.S. stock sale was an error
March 18, 2014 / 3:50 PM / 3 years ago

ING Group says filing on U.S. stock sale was an error

1 Min Read

March 18 (Reuters) - Dutch insurance giant ING Group NV said a regulatory filing on Tuesday in which it outlined plans to sell 33 million shares in its U.S. insurance unit was filed "prematurely and erroneously" and should be ignored.

"Someone thought we had issued the press release and felt he should file ... which he shouldn't have done," ING Group spokesman Raymond Vermeulen told Reuters.

ING Group said the filing should be ignored "until further notice."

A sale of 33 million shares would reduce ING Group's stake in ING US Inc to 45 percent. At the end of 2013, ING Group held 57 percent of the company.

ING Group is in the process of exiting its U.S. insurance business as part of its 10 billion euro 2008 state bailout agreement that called for the company to separate its global banking and insurance businesses.

The company reduced its stake in ING US Inc to 57 percent from 100 percent through a $1.3 billion initial public offering in 2013.

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