March 18 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
"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
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