ING Group has successfully completed the sale of 36 million (depositary receipts for) ING Group ordinary shares which are currently held by ING as treasury stock.
The sale follows a policy change with regard to the hedge of future obligations arising from the ING Group employee stock options plan. The 100% hedge policy has been replaced by a delta hedge policy. As a result ING has now brought down the number of own shares in portfolio.
The 36 million shares have been sold at a price of EUR 18.14 per share in cash, generating proceeds of approximately EUR 650 million. The transaction strengthens ING Group’s solvency, as the entire proceeds will be added to shareholders’ equity.
The sale of the shares was co-ordinated by ING Investment Banking and Schroder Salomon Smith Barney.
(source: ING)
