ING Group announced today that it had sold 35.5 million shares in Fortis, the Belgo-Dutch financial group, at a price of EUR 22.75 per share in cash, generating gross proceeds of about EUR 808 million and a net (book) profit of EUR 235 million. The shares were sold in a book-building exercise led by ING Investment Banking and Morgan Stanley. It follows a pattern of disposals by ING, and means the Dutch insurance and banking group now owns no shares in its Low Countries rival. However, ING continues to hold 16 per cent of ABN Amro.
ING Cuts Last Ties With Fortis Bank
ING Group announced today that it had sold 35.5 million shares in Fortis, the Belgo Dutch financial group, at a price of EUR 22.75 per share in cash, generating gross proceeds of about EUR 808 million and a net (book)
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