ING announces size of planned sale of shares in ING U.S.
(Thomson Reuters ONE) -
ING announced today that it plans to sell approximately 30 million shares of
common stock of ING U.S., 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.
The transaction announced today will not impact the profit and loss account of
ING Group. The transaction is expected to have a negative impact of
approximately EUR 0.5 billion on the Shareholders' Equity of ING Group
(excluding the possible exercise of the underwriters' option to purchase
additional shares). This amount reflects the difference between the anticipated
net proceeds of the transaction, based on the current market price of ING U.S.
common stock, and the estimated IFRS book value of the stake being sold. The
actual amount of any decrease in ING Group Shareholders' Equity will depend on
the pricing and number of shares sold and will be reflected in the fourth-
quarter financial statements of ING Group.
ING has previously announced its intention to divest its remaining stake in ING
U.S. over time, in line with its strategy to separate and divest its insurance
and investment management businesses. In this context, ING sold shares of ING
U.S. through an initial public offering in May 2013. As announced on 13
September 2013, ING U.S. filed a registration statement with the SEC in
connection with the possible sale of additional shares of ING U.S. by ING Group.
ING U.S. filed an amendment to this registration statement today, including
information on the size of the planned offering by ING Group. If this offering
is completed, any sale of ING Group's remaining ING U.S. shares is expected to
be subject to a lock-up period of 90 days from the pricing of the offering
(subject to certain exceptions and the underwriters' ability to waive lock-up
restrictions). ING U.S. common stock is listed on the New York Stock Exchange
under the ticker symbol "VOYA".
In light of ING's intention to divest its remaining stake in ING U.S. over time,
as of 30 September 2013, ING U.S. will be classified as held for sale and
reported in ING Group's IFRS financial statements under net results from
discontinued operations.
The amended registration statement filed today also includes the following
information regarding current ING U.S. expectations for its financial results
for the quarter ended 30 September 2013;
- ING U.S. currently is in the process of preparing its consolidated
U.S. GAAP financial statements for the quarter ended 30 September 2013. Subject
to the conduct and completion of its financial closing procedures, ING U.S.
anticipates that its operating earnings before income taxes will be higher, in
the aggregate, than the results ING U.S. reported for the quarter ended 30 June
2013, and that its ongoing business adjusted operating earnings before income
taxes will be generally consistent, in the aggregate, with the results ING U.S.
reported for the quarter ended 30 June 2013.
- ING U.S.'s independent registered public accounting firm has not
audited, reviewed or performed any procedures, and does not express an opinion
or any form of assurance, with respect to ING U.S.'s anticipated third quarter
financial results. ING U.S.'s actual results may differ materially from its
current expectations due to the completion of financial closing procedures,
final adjustments and other developments, including subsequent events, if any,
that may arise between now and the time that the consolidated financial
statements for this period are issued. The foregoing information is qualified
by, and should be read together with "Management's Discussion and Analysis of
Results of Operations and Financial Condition" and the consolidated financial
statements and the related notes included in the registration statement.
The information on financial results in the amended registration statement
relate to ING U.S. only and are based on U.S. GAAP. ING Group will publish its
third quarter IFRS results on 6 November.
The registration statement relating to these securities filed with the SEC has
not yet become effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes effective. This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these 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. The registration statement relating to the offering may be
obtained by visiting the SEC website at www.sec.gov.
Press enquiries ING Group Investor enquiries ING Group
Carolien van der Giessen ING Group Investor Relations
+31 20 576 6386 +31 20 576 6396
Carolien.van.der.Giessen(at)ing.com Investor.Relations(at)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 in this document 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/1736945/582213.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#1736945]
Unternehmensinformation / Kurzprofil:
Datum: 21.10.2013 - 14:36 Uhr
Sprache: Deutsch
News-ID 307630
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