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ING Groep N.V. Message Board

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  • jpomper jpomper Jan 12, 2012 7:40 AM Flag

    ING Abandons European, Asian Offering

    Read carefully:


    http://www.ing.com/Our-Company/Press-room/Press-release-archive/PressRelease/ING-provides-update-on-restructuring-plans.htm

    "ING provides update on restructuring plans
    Amsterdam, 12 January 2012


    •ING revises base case for divestment of Insurance and Investment Management EurAsia due to the uncertain economic outlook and turbulent financial markets
    •ING will explore other options for its Asian Insurance/IM businesses
    •Preparations for a standalone future of European Insurance/IM to be continued
    •Base case of an IPO for the US Insurance/IM businesses remains unchanged
    ING today announces an update on the restructuring plans of the Group. Since November 2010 ING has been preparing its Insurance and Investment Management businesses for the base case of two IPOs - one for the US business and one for the European and Asian businesses.

    Jan Hommen, CEO of ING Group: “However, given the uncertain economic outlook and turbulent financial markets, especially in Europe, ING has decided to explore other options for its Asian Insurance and Investment Management businesses.”

    ING will continue preparations for a standalone future of the European Insurance/Investment Management businesses, including an IPO. ING also continues to prepare for the base case of an IPO for the US Insurance/Investment Management business. “ING is committed to conducting these processes with the utmost diligence in the interests of all stakeholders, including customers, employees, distribution partners and shareholders,” Jan Hommen said."


    I think this is a reasonable decision in the current business M&A (historically depressed) environment.
    A look at today's stock market price reaction (a jump of over 6% until now) is a clear sign what the markets think about this ING decisions.

 
ING
13.55-0.28(-2.07%)Dec 18 4:03 PMEST

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