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 offering of shares of ING U.S.
Inc., its U.S.-based retirement, investment and insurance subsidiary, have
exercised their option to purchase an additional 4.95 million shares of ING U.S.
from ING Group at the offering price of USD 29.50 per share. The sale of these
additional shares further reduces ING Group's ownership stake in ING U.S. from
approximately 59% to approximately 57%.
The gross proceeds to ING Group from the exercise of the option are
approximately USD 146 million (approximately EUR 106 million at current exchange
rates), bringing the total gross proceeds to ING Group from the offering to
approximately USD 1.1 billion. As previously announced, ING Group intends to use
the net proceeds of the transaction for the reduction of Group core debt.
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 and further reduced its
stake in ING U.S. through an offering of 33 million shares in ING U.S. as
announced on 23 October 2013. ING U.S. common stock is listed on the New York
Stock Exchange under the ticker symbol "VOYA".
The exercise of the option will not impact the profit and loss account of ING
Group. It will have a negative impact of approximately EUR 0.1 billion on the
shareholder's 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 2% stake it approximately represents.
The registration statement relating to these securities has been declared
effective by the Securities and Exchange Commission (SEC). A copy of the
registration statement may be obtained by visiting the SEC website at
www.sec.gov. This press release does not constitute an offer to sell, or a
solicitation of any offer to buy, any securities.
Press enquiries ING Group Investor enquiries ING Group
Victorina de Boer ING Group Investor Relations
+31 20 576 6373 +31 20 576 6396
Victorina.de.Boer(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 release:
http://hugin.info/130668/R/1738138/583029.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#1738138]
Unternehmensinformation / Kurzprofil:
Datum: 24.10.2013 - 23:04 Uhr
Sprache: Deutsch
News-ID 309319
Anzahl Zeichen: 6362
contact information:
Town:
Amsterdam
Kategorie:
Business News
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