ING to sell its remaining stake of 14.1% in NN Group, the parent company of Nationale-Nederlanden. It is a package of 45.7 million shares. This was announced by the bank Thursday afternoon. The pieces are sold to big investors who can show their interest and bid out by tender. They have up to Friday 15:30 time to express their interest. The share of the insurance closed Thursday at € 30.73.
NN Group gave earlier that buy it itself was planning documents. From a press release from the insurer, however, that it will not be possible with this sale because the company is in a closed period. In a closed period, companies get less freedom of action of the regulator than usual, such as quick price-sensitive information becomes available, as annual results.
capstone
the sale of the shares is the culmination of the previously announced intention of the interest in the NN Group fully build. The bank does so at the behest of the European Commission. Who demanded that include this step was taken in exchange for state aid in 2008 and 2009. NN was floated in July 2014. The shares ING still had possession after the IPO, were sold in tranches in recent years.
Capital requirements
presenting the annual results, ING already stated that it will not distribute the proceeds of the transaction to shareholders. The bank wants to keep pocket money because there is still much uncertainty about new capital requirements.
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