ING announces details of stock offering
Monday, October 21, 2013 3:48 PM
ING Groep NV announced today that it plans to sell 30 million shares of ING U.S. common stock in an offering that would further reduce its ownership stake in its U.S. subsidiary. The offering, part of a planned divestiture of ING U.S., would reduce ING Groep's stake in the company from 71 percent to approximately 60 percent. The underwriters of the offering would also have an option to purchase up to 4.5 million additional shares which, if fully exercised, would further reduce ING Groep's stake in ING U.S. to approximately 58 percent. ING U.S., which was listed on the New York Stock Exchange on May 2, will not be issuing or selling common stock in the offering and will not receive any proceeds from the offering.