ING snaps up Aetna businesses for $5bn

Dutch banking and insurance group, ING has finally bought Aetna Corporation’s financial services operations in the US and its overseas insurance businesses for US$5bn in cash and $2.7bn in assumed debt. This is not much less than the $8bn that ING was believed to have offered before Aetna broke off negotiations in June to consider offers from other buyers including AIG, Allianz and Citigroup.