ING Groep NV, the biggest Dutch financial services company, is cutting its stake in NN Group NV by selling shares worth about 1.06 billion euros ($1.21 billion).
ING is offering about 43 million shares in NN Group in a sale to money managers that will lower its stake in the insurer to about 57 percent from 68.1 percent, the bank said in a statement. NN Group shares closed Tuesday at 24.76 euros in Amsterdam.
Under Chief Executive Officer Ralph Hamers, ING is shedding insurance assets in a restructuring plan imposed by the European Union in return for a state bailout. In July, ING sold NN Group shares to the public for the first time and the lender, which finished repaying the government aid last year, must dispose of its remaining stake by the end of 2016.
The offer price and the final number of NN Group shares sold will be determined once the offering is closed, ING said in the statement. The book is expected to close by 5:30 p.m. in Amsterdam today.
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