Capital One (COF) Lower as ING (ING) to Unload 54M Shares

Capital One Financial (NYSE: COF) shares are ticking lower Wednesday following reports that ING (NYSE: ING) plans to sell its large Capital One stake.

Shares of Capital One are down 1.4 percent in early trading.

According to a release issued earlier:

"ING announced today that it intends to sell all of its 54 million shares in Capital One Financial Corporation, a U.S.-based financial holding company. ING obtained the shares as part of the consideration for the sale of ING Direct USA to Capital One in February 2012.

The sale will be executed through an underwritten public offering. BofA Merrill Lynch, Morgan Stanley and Citigroup Global Markets Inc. will act as joint book-running managers for the offering.

Financial details will be released after pricing of the transaction which is expected to take place prior to opening of the New York Stock Exchange on 5 September 2012. The transaction is expected to settle on 10 September 2012."

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