Dutch pension funds ABP and PGGM’s joint purchase of De Nationale Investeringsbank (NIB) has finally been approved by NIB’s former shareholders, following months of wrangling.
Dutch financial groups Fortis and ING and insurance firm ASR Verzekeringsgroep agreed to sell their stakes at the increased price of Dfl72.50 (E32.89) per share, having rejected an initial offer of Dfl67.
ABP-PGGM Capital Holdings now holds 99.6% of NIB shares, and it is expected that the joint holding will become operational in the last quarter of this year.
NIB retains its own identity and the asset management participation of NIB, ABP and PGGM will be combined in two separate subsidiaries.
Michel Meijs at ABP comments: “No details can be revealed at this stage of the holdings business plan. The role between ABP/PGGM and the new holding is that we are shareholders that operate at arms’ length.”