ING to sell ownership stake in ING Canada

Wed. February 04, 2009; Posted: 08:30 AM

Feb 04, 2009 (Datamonitor via COMTEX) -- IGCDF | Quote | Chart | News | PowerRating -- Dutch financial services firm ING has entered into several agreements to sell most of its ownership interest in ING Canada. Gross proceeds from these sales will total approximately C$1.9 billion, assuming exercise in full of the overallotment option.

Under the terms of these agreements, ING Group will sell in a private placement an aggregate of 36.02 million common shares to a group of institutional investors at a price of C$25 per common share. ING will also sell an aggregate of 34.16 million common shares to a syndicate of underwriters at a price of C$26.35 per common share through a concurrent bought deal public offering in Canada. ING currently owns approximately 70% of the outstanding common shares of ING Canada.

ING has also granted the underwriters an overallotment option, exercisable until 30 days after closing, to purchase up to an additional 5.12 million common shares at the public offering price. Following completion of the transaction, assuming exercise in full of the overallotment option, ING will continue to own approximately 8.6 million shares of ING Canada, representing an approximately 7% interest in ING Canada.

Jan Hommen, chairman and CEO-designate of ING, said: "As we announced on January 26, 2009 we will increase our focus on businesses and regions where we have a strong and sustainable position in savings and investments. In the current uncertain economic and market environment we have structured a transaction with certainty of proceeds. The proceeds from the transaction will be used to fortify ING's capital position."

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