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ING selling most of stake in Canadian p/c operation

NETHERLANDS-based financial services group ING has announced plans to sell off the bulk of its 70% stake in ING Canada, Canada’s largest p/c insurer, through the placement of 36.02m of the unit’s common shares with institutional investors at CAD25 a share — raising a minimum of CAD850m — and the sale of up to 39.28m shares at CAD26.35 a share to a syndicate of underwriters that will hold a public offering — raising an additional CAD900m.

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