Last updated: April 17. 2013 2:34PM - 293 Views
Associated Press

Story Tools:

Font Size:

Social Media:

(AP) ING Groep NV says it will sell a 25 percent stake in its U.S. arm for around $1.4-$1.5 billion in an initial public offering, as part of measures demanded by the European Commission to compensate after ING received a bailout from the Dutch government in 2008.

ING U.S. has insurance, investment and retirement businesses.

The IPO price range suggests ING U.S. is worth $6 billion, less than half the $14.2 billion the company had valued it on its books. ING said it expected the listing to lead to a 1.6 billion euros ($2.1 billion) reduction in shareholders' equity, but the offering "will not have a material impact on the regulatory capital of either ING insurance or ING bank."

The company said Wednesday it will use proceeds to pay down debt.

Associated Press
All user comments are subject to our Terms of Service. Users may flag inappropriate comments.
comments powered by Disqus

Featured Businesses


Info Minute

Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com