ING Raises $340 Million on Sale of Fortis Shares

June 8, 2001

Holland’s ING announced it had sold 14.7 million shares of its holdings in the Dutch-Belgian financial group Fortis, raising approximately € 400 million ($340 million), which will be used to fund its $791 million purchase of Mexico’s Seguros Comercial America (see article June 6).

The move caught Fortis by surprise. A spokesman told Reuters News Agency that “ING did not tell us they would sell part of their shares,” although it is understood that this is a common practice in the industry.

The sale at €27.75 ($23.59) per share netted ING a profit of around € 270 million ($ 229.5 million) and considerably reduces its 6.71 percent stake in Fortis.

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