ING reduces stake in NN Group to 42.4%
(Thomson Reuters ONE) -
NN Group repurchases shares from ING for an aggregate amount of EUR 150 million
NN Group announces today that ING Group has agreed to sell 45 million shares of
NN Group at a price of EUR 25.46 per share net of commissions. The transaction
reduces ING Group's stake in NN Group from 54.8% to 42.4%. NN Group will not
receive any proceeds from the offering.
The shares were offered by way of an accelerated book building offering to
institutional investors. As part of this transaction, NN Group repurchased 5.9
million ordinary shares from ING Group at EUR 25.46 per share for a total amount
of EUR 150 million.
NN Group will fund the share repurchase from the cash capital position at the
holding company. The impact on the solvency ratios of NN Group is expected to be
immaterial. NN Group intends to cancel all or part of the repurchased shares in
due course subject to shareholder authorisation.
As of the settlement of the transaction, the remaining shares in NN Group held
by ING Group will be subject to a lock-up period of 90 days (subject to certain
customary exceptions). The transaction is expected to settle on 29 May 2015.
Upon completion of the transaction, ING Group's retained minority stake in NN
Group will be deconsolidated (in line with IFRS) and going forward will be
accounted for as an Associate Held for Sale. The deconsolidation will have no
impact on NN Group. With the IFRS-deconsolidation of NN Group, ING will have
achieved compliance with the restructuring agreement with the European
Commission (EC) to bring - before the end of 2015 - its stake in NN Group below
50% and deconsolidate the business (in line with IFRS).
In addition, the restrictions from the EC decision of November 2012 on
acquisitions and on price leadership will no longer apply after ING has
confirmed the deconsolidation to the EC. And as a consequence the acquisition
restriction will also no longer apply for NN Group.
ING has previously announced that it intends to divest its remaining stake in NN
Group over time, in line with its strategy to divest all of its insurance and
investment management businesses as part of the aforementioned agreement,
ultimately by the end of 2016. In this context, ING Group sold shares of
NN Group through an initial public offering in July 2014 and a follow-on
offering in February 2015.
Press enquiries NN Group Investor enquiries NN Group
Daphne Andriesse Investor Relations
+31 (0) 20 541 5582 +31 (0)20 541 5464
daphne.andriesse(at)nn-group.com investor.relations(at)nn-group.com
NN Group profile
NN Group is an insurance and investment management company with a strong,
predominantly European presence in more than 18 countries. With around 12,000
employees the group offers retirement services, insurance, investments and
banking to more than 15 million customers. NN Group includes Nationale-
Nederlanden, NN (formerly known as ING Insurance) and NN Investment Partners
(formerly known as ING Investment Management). NN Group is listed on Euronext
Amsterdam (NN).
Important legal information
Certain of the statements contained 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
NN Group'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 the EC Restructuring Plan, (5) changes in the availability of,
and costs associated with, sources of liquidity as well as conditions in the
credit markets generally, (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 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 and financial strength ratings, (18) NN
Group's ability to achieve projected operational synergies and (19) the other
risks and uncertainties contained in recent public disclosures made by NN Group
and/or related to NN Group.
Any forward-looking statements made by or on behalf of NN Group speak only as of
the date they are made, and, NN Group 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 purchase, any securities in the United States or
any other jurisdiction. The securities of NN Group have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold within the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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: NN Group NV via GlobeNewswire
[HUG#1924064]
Unternehmensinformation / Kurzprofil:
Datum: 26.05.2015 - 23:23 Uhr
Sprache: Deutsch
News-ID 395905
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contact information:
Town:
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Kategorie:
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"ING reduces stake in NN Group to 42.4%"
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