NN Group Cancels Share Warrants Held by ING

By Adam Clark

Dutch insurance company NN Group NV (NN.AE) said Thursday that it has paid 76 million euros (485.9 million) to cancel a warrant agreement with ING Groep NV (INGA.AE).

NN said the payment eliminates warrants for 35 million shares which ING had the right to exercise at EUR40 per share, which would have expired in July 2024. The deal eliminates the potential for share dilution, NN said.

The payment will be funded from existing cash and recognized as a reduction of NN's equity and own funds in its fourth-quarter results. The deal won't affect NN's operating or net profit, or have a material impact on its solvency capital ratio, the company said.

Shares at 0953 GMT were up 2.2% at EUR38.66.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

November 15, 2018 05:12 ET (10:12 GMT)

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