ING announces exercise of underwriters' option to acquire additional shares in ING U.S.
(Thomson Reuters ONE) -
ING announced today that the underwriters in the Initial Public Offering (IPO)
of ING U.S., Inc., its U.S.-based retirement, investment and insurance business,
have exercised in full their option to purchase approximately 9.8 million
additional shares of ING U.S. from ING Group at the IPO price of USD 19.50 per
share. The sale of additional shares further reduces ING Group's ownership in
ING U.S. from 75% to approximately 71%.
The gross proceeds to ING Group from the exercise of the option will be
approximately USD 191 million (approximately EUR 148 million at current exchange
rates), bringing the total gross proceeds to ING Group from the IPO of ING U.S.
to approximately USD 0.9 billion. As previously announced, ING Group intends to
use these proceeds for the reduction of Group core debt. ING U.S. shares started
trading on the New York Stock Exchange on 2 May 2013, under the ticker symbol
"VOYA".
The exercise of the option will not impact the profit and loss account of ING
Group as ING U.S. will continue to be fully consolidated by ING Group. The
exercise of the option has a negative impact of approximately EUR 0.3 billion on
the Shareholders' equity of ING Group. This amount reflects the difference
between the net proceeds to ING Group from the exercise of the option and the
estimated IFRS book value of the 3.75% stake it represents. The exercise of the
option does not have a material impact on the regulatory capital of either ING
Insurance or ING Bank.
As previously announced, ING Group is divesting its insurance and investment
management businesses as part of a restructuring programme agreed with the
European Commission. Following the IPO, ING Group intends to divest its
remaining stake in ING U.S. over time, as previously agreed with the European
Commission.
The registration statement relating to these securities has been declared
effective by the U.S. Securities and Exchange Commission. A copy of the
registration statement may be obtained by visiting the SEC website at
www.sec.gov. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, any securities, nor shall there be any offer,
solicitation or sale of any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
Press enquiries Investor enquiries
ING Group: Victorina de Boer ING Group: Investor Relations
+31 20 57 66373 +31 20 57 66396
VIctorina.de.Boer(at)ing.com Investor.Relations(at)ing.com
ING U.S.: Dana E. Ripley ING U.S.: Darin Arita
+1 212 309 8444 +1 212 309 8999
Dana.Ripley(at)us.ing.com Darin.Arita(at)us.ing.com
ING PROFILE
ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a broad
customer base. Going forward, we will concentrate on our position as an
international retail, direct and commercial bank, while creating an optimal base
for an independent future for our insurance and investment management operations
IMPORTANT LEGAL INFORMATION
Certain of the statements contained or referenced herein are not historical
facts, including, without limitation, certain statements made of future
expectations and other forward-looking statements that are based on management's
current views and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such statements due
to, without limitation: (1) changes in general economic conditions, in
particular economic conditions in ING's core markets, (2) changes in performance
of financial markets, including developing markets, (3) consequences of a
potential (partial) break-up of the euro, (4) the implementation of ING's
restructuring plan to separate banking and insurance operations, (5) changes in
the availability of, and costs associated with, sources of liquidity such as
interbank funding, as well as conditions in the credit markets generally,
including changes in borrower and counterparty creditworthiness, (6) the
frequency and severity of insured loss events, (7) changes affecting mortality
and morbidity levels and trends, (8) changes affecting persistency levels, (9)
changes affecting interest rate levels, (10) changes affecting currency exchange
rates, (11) changes in investor, customer and policyholder behaviour, (12)
changes in general competitive factors, (13) changes in laws and regulations,
(14) changes in the policies of governments and/or regulatory authorities, (15)
conclusions with regard to purchase accounting assumptions and methodologies,
(16) changes in ownership that could affect the future availability to us of net
operating loss, net capital and built-in loss carry forwards, (17) changes in
credit-ratings, (18) ING's ability to achieve projected operational synergies
and (19) the other risks and uncertainties detailed in the Risk Factors section
contained in the most recent annual report of ING Groep N.V. Any forward-looking
statements made by or on behalf of ING speak only as of the date they are made,
and, ING assumes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or for any other reason. This
document does not constitute an offer to sell, or a solicitation of an offer to
buy, any securities.
Pdf version of press release:
http://hugin.info/130668/R/1705347/564115.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
[HUG#1705347]
Unternehmensinformation / Kurzprofil:
Datum: 28.05.2013 - 22:47 Uhr
Sprache: Deutsch
News-ID 264125
Anzahl Zeichen: 6898
contact information:
Town:
Amsterdam
Kategorie:
Business News
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