ING reduces stake in insurer NN
Dutch ING Group has reduced its stake in insurer NN’s outstanding capital from 68.1% to 54.6%, following significant investor demand for NN shares.
NG announced that it has increased the number of ordinary shares to be sold in the offering of NN Group from an initial 43 million to 52 million ordinary shares of NN Group.
As part of the transaction, NN Group has repurchased 8.3 million shares at the same price per share, for an aggregate amount of EUR 200 million, leading tot the total group proceeds amounting to €1.2bn.
In line with the regulatory requirements as a result of a bail out ING Group received in 2008, the insurance division NN has split from the Group and initiated its IPO last year, ING will have to reduce its stake in NN by less than 50% until the end of this year.