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Dutch state to cut stake in ASR to 36.8 pct with share sale
April 4, 2017 / 4:46 PM / 6 months ago

Dutch state to cut stake in ASR to 36.8 pct with share sale

April 4 (Reuters) - The Dutch state is to sell 20 million shares in insurance company ASR in a transaction which will reduce its stake from 50.1 percent to 36.8 percent, the company said on Tuesday.

The stake is worth around 529 million euros, based on Tuesday’s closing price.

ASR said it would not buy any of the shares as it has already repurchased the maximum number of shares it is permitted to by shareholders. The company repurchased 3 million shares from the state in January.

ASR, once a subsidiary of the now-defunct Fortis group of Belgium, was nationalised by the Dutch state during the 2008 financial crisis.

The company was reprivatised in June when it was floated on the Amsterdam share market, with the state selling a 40 percent stake.

The state subsequently sold a further 13.6 percent in January. (Reporting by Alan Charlish in Gdynia; Editing by Greg Mahlich)

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