World Insurance Report
ING sells Fortis shares to pay for acquistion
Dutch bancassureur ING has sold some 14.7mn shares in Belgian/Dutch company
Fortis to help pay for its purchase of Mexican insurer Seguros Comercial América (SCA). The
Fortis shares were sold at €27.75 (US$23.64) apiece, which generated €407.9mn, of which some €270mn represented capital gain. After
this transaction ING retains 5% of
Fortis.