ING Writes Down 2001 Acquisitions
ING Groep said it took a $14.1-billion write-down on acquisitions under U.S. accounting rules, showing that companies the Dutch bank and insurer bought in 2001 are performing worse than expected.
ING purchased U.S. insurers Aetna Inc. and Reliastar Financial Corp., as well as other assets in Europe and Asia. The current value of these companies is much lower than the price paid for them.
ING shares rose $1.17 to ‘s American depositary receipts closed at $13.38, up $1.17 or 9.6%, on the NYSE.
From Dow Jones/Associated Press
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