ING reduces stake in NN Group to 16.2%
(Thomson Reuters ONE) -
NN Group repurchases shares from ING for an aggregate amount of EUR 250 million
NN Group announces today that ING Group has agreed to sell 33 million shares of
NN Group at a price of EUR 31.00 per share. The transaction reduces ING Group's
stake in NN Group from 25.8% to 16.2% of outstanding shares (net of treasury
shares). 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 8
million ordinary shares from ING Group at EUR 31.00 per share for a total amount
of EUR 250 million.
NN Group will fund the share repurchase from the cash capital position at the
holding company. The share repurchase is estimated to reduce NN Group's Solvency
II ratio of 247% at 30 September 2015 to 242% on a pro-forma basis. NN Group
intends to cancel all or part of the repurchased shares in due course.
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 60 days (subject to certain
customary exceptions). The transaction is expected to settle on 8 January 2016.
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 EC restructuring 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 follow-on offerings
in February 2015, May 2015 and September 2015.
Press enquiries NN Group Investor enquiries NN Group
Daphne Andriesse Investor Relations
+31 (0) 6 83 641 626 +31 88 663 5464
daphne.andriesse(at)nn-group.com investor.relations(at)nn-group.com
NN Group profile
NN Group is an international insurance and asset management company, active in
more than 18 countries, with a strong presence in a number of European countries
and Japan. With around 11,500 employees the group offers retirement services,
insurance, investments and banking to more than 15 million customers. NN Group
includes Nationale-Nederlanden, NN and NN Investment Partners. NN Group is
listed on Euronext Amsterdam (NN).
Important legal information
All figures in this document are unaudited. Small differences are possible in
the tables due to rounding. 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.
Press Release:
http://hugin.info/160538/R/1976888/723645.pdf
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#1976888]
Unternehmensinformation / Kurzprofil:
Datum: 05.01.2016 - 22:23 Uhr
Sprache: Deutsch
News-ID 442570
Anzahl Zeichen: 6247
contact information:
Town:
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Kategorie:
Business News
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