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August 18, 2008

ING DIRECT acquires 91% of Interhyp shares

by Richard Kilner

Story link: ING DIRECT acquires 91% of Interhyp shares

Dutch firm ING DIRECT N.V. has today announced that it has closed its public takeover offer for Interhyp.

Interhyp is Germany’s largest independent residential mortgage distributor.

A total of 91.21% of Interhyp’s shares were tendered, and as a result ING has acquired the controlling stake it wanted.

Last Wednesday the public tender acceptance period expired, and those who tendered their shares within that time frame have been promised by ING to be paid no later than eight banking days after that date (the 13th).

The Dutch bank has enjoyed a smooth acquisition of a controlling stake with Interhyp, since 19th May when it first announced its desire to do so.

Regulatory approval was granted on 14th July, and shortly thereafter, 30th July, the acceptance period began.

 

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