Merrill Lynch & Co. is to sell $6.6 billion of Fortis stock, the largest equity underwriting commitment in Europe this decade, according to reports from Bloomberg.
The shares are being sold to help finance the $98 billion takeover of ABN Amro alongside Royal Bank of Scotland and Santander.
Merrill Lynch & Co. is set to earn a base commission of about 42 million euros for underwriting the sale as well as a fee for advising the group on the take over.
Fortis began selling shares at $21 today, 44 percent below the closing price on 20 September.
The offering is said to be the second-biggest sale of shares in dollar terms after Industrial & Commercial Bank of China Ltd made a $22 billion initial public offering last year.