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Dutch state sells 13.6 pct stake in insurer ASR
January 12, 2017 / 5:09 PM / in 10 months

Dutch state sells 13.6 pct stake in insurer ASR

AMSTERDAM, Jan 12 (Reuters) - The Dutch government said on Thursday it is selling a stake of up to 13.6 percent in insurance company ASR, worth approximately 468 million euros ($500 million) at current share prices.

The Netherlands Financial Investments (NLFI) agency said the sale to institutional investors via an accelerated bookbuilding that will close before the start of trade on Friday will reduce the government’s stake in ASR to 50.1 percent.

ASR said in a separate statement it intended to purchase 3 million of the 20.4 million shares on offer from the government in a buyback.

ASR, once a subsidiary of the now-defunct Fortis group of Belgium, was nationalised by the Dutch state during the 2008 financial crisis. The state sold a 40 percent stake in a reprivatisation in June. ($1 = 0.9377 euros) (Reporting by Toby Sterling; Editing by Greg Mahlich)

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