ING Sells Remaining 2.7% Stake in Fortis for $760 Million

Holland’s ING Group announced that it has sold 35.5 million shares, its remaining 2.7 percent stake, in the Dutch-Belgian Fortis financial group at € 2.75 ($21.385) per share generating gross proceeds of € 808 million, approximately $760 million.

The company said that the sale, which will give it a book profit of around €235 million ($221 million)would be accounted for as an operational profit in the second quarter of 2002, and “was part of ING’s regular programme to realise capital gains.”|”ing, sells, remaining, 2.7%, stake, in, fortis, $760, million