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ING Groep NV Announces Size Of Planned Sale Of Shares In ING US Inc
ING Groep NV announced that it plans to sell approximately 30 million shares of common stock of ING US Inc in an SEC-registered public offering, representing a stake of 11.5% in its U.S.-based retirement, investment and insurance subsidiary. ING Group intends to use the proceeds of the planned transaction for the reduction of Group core debt. The sale of 30 million shares would reduce ING Group's stake in ING U.S. from approximately 71% to approximately 60%. Under the planned offering, ING Group would grant the underwriters for the transaction an option to purchase up to 4.5 million additional shares, which, if fully exercised, would further reduce ING Group's stake in ING U.S. to approximately 58%. The final timing, size and offer price for the planned transaction have not yet been determined and remain subject to market and other conditions.
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