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.
Was this article valuable?
Here are more articles you may enjoy.
DeSantis Plan to Cut Florida Property Taxes Heads to Ballot—With Schools Removed 
Rikers Correction Officer Lied to Obtain Workers’ Compensation Benefits 
Trump Scraps Ocean Sensors Providing Crucial Data on Climate, Flooding 
Sentry to Sponsor PGA Tournament at Torrey Pines 
