ING Groep (ING) Aims for Multibillion Dollar Sale of Asian Insurance Unit, Draws Much Interest
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Fresh off of a $6.3 billion asset sale to Capital One (NYSE: COF), ING Groep N.V. (NYSE: ING) is on to the next deal.
Reports out Monday hint at ING looking to sell its Asian insurance business in a deal value at up to $7 billion (Bloomberg has $7 while the WSJ says $6 billion might fly).
Companies possibly submitting some bids include MetLife (NYSE: MET), AIA Group Ltd., Prudential Financial Inc. (NYSE: PRU), KB Financial Group Inc. (NYSE: KB) and Manulife Financial Corp. (NYSE: MFC), according to Bloomberg.
The move comes as ING is being required to divest all of its insurance ops by 2013 in order to get state aid from the European Union.
ING is said to be aiming for a sale of the whole unit rather than breaking it up into smaller bits. However, one source cited by Bloomberg said ING might consider a separate sale of its Korean unit.
Adisiors being hired by MetLife, Prudential, and others include BofA/Merrill Lynch (NYSE: BAC), Citigroup (NYSE: C), and Credit Suisse (NYSE: CS).
ING is indicated higher Monday morning, as is MetLife, and several other financial names.
Reports out Monday hint at ING looking to sell its Asian insurance business in a deal value at up to $7 billion (Bloomberg has $7 while the WSJ says $6 billion might fly).
Companies possibly submitting some bids include MetLife (NYSE: MET), AIA Group Ltd., Prudential Financial Inc. (NYSE: PRU), KB Financial Group Inc. (NYSE: KB) and Manulife Financial Corp. (NYSE: MFC), according to Bloomberg.
The move comes as ING is being required to divest all of its insurance ops by 2013 in order to get state aid from the European Union.
ING is said to be aiming for a sale of the whole unit rather than breaking it up into smaller bits. However, one source cited by Bloomberg said ING might consider a separate sale of its Korean unit.
Adisiors being hired by MetLife, Prudential, and others include BofA/Merrill Lynch (NYSE: BAC), Citigroup (NYSE: C), and Credit Suisse (NYSE: CS).
ING is indicated higher Monday morning, as is MetLife, and several other financial names.
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