ING and Fortis bow out of Dutch companies
The two Dutch financial institutions are scaling back their shares in listed companies such as Unilever, Reed Elsevier to reduce their risks, reports de Volkskrant.THE NETHERLANDS – Dutch financial firms ING and Fortis are cutting back on their stakes in Dutch companies, leaving them more vulnerable to the influence of foreign shareholders, reports de Volkskrant Tuesday.
ING has scaled down its share in 17 listed companies including Unilever, AkzoNobel, Wolters Kluwer, Reed Elsevier and Randstad.
Fortis has also reduced its stake in five companies, including ING Bam and Nutreco.
The companies’ decision comes following a government advisory committee’s advice that Dutch financial concerns should remain loyal investors in Dutch companies in these uncertain times.
ING shrugs off any recriminations: "We are aware of the element of social responsibility... but it has its limits. We are simply reducing our risks in a fluctuating market."
The company wants to focus on reducing its shareholdings in order to make the business less vulnerable
It was irony that ING, which was bailed out twice by the Dutch government, is turning its back on Dutch companies, reports de Volkskrant.
ING has had a EUR 10 billion capital injection from the Dutch state and guarantees on its risky US mortgage portfolio totalling EUR 22 billion.
Radio Netherlands / Expatica