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Tuesday, June 7, 2011

GE, Capital One bid for ING Direct USA-Bloomberg, (NYSE: GE), (NYSE: COF), (ING), (NYSE: ING)

General Electric Co (GE.N) and Capital One Financial Corp (COF.N) have submitted offers for ING's (ING.AS)(ING.N) U.S. online banking operations in a deal worth about $9 billion, Bloomberg reported on Tuesday. ING may reach an agreement to sell ING Direct USA this month, Bloomberg reported, citing sources familiar with the matter. It said GE has submitted an all-cash bid, while Capital One's bid would be partly in shares. ING was forced to split its insurance and bank operations and agreed to divest ING Direct USA by 2013 to obtain European Commission approval for 10 billion euros of Dutch state aid received in 2008 during the financial crisis. Proceeds from the sale would be used to repay the state. A spokesman for ING in Amsterdam failed to comment on whether GE and Capital One had submitted bids.

General Electric Company (GE) is a technology and financial services corporation. Shares of GE fell by 1.91% or $-0.36/share to $18.46. In the past year, the shares have traded as low as $13.75 and as high as $21.65. On average, 53440500 shares of GE exchange hands on a given day and today's volume is recorded at 60470272.

Capital One Financial Corporation is a diversified financial services holding company. Shares of COF fell by 1.59% or $-0.82/share to $50.73. In the past year, the shares have traded as low as $36.10 and as high as $56.26. On average, 3843460 shares of COF exchange hands on a given day and today's volume is recorded at 4322252.

ING Groep N.V. (ING) is a global financial institution offering banking, investments, life insurance and retirement services to meet the needs of the customers. Shares of ING fell by 2.76% or $-0.33/share to $11.64. In the past year, the shares have traded as low as $7.02 and as high as $13.41. On average, 2141300 shares of ING exchange hands on a given day and today's volume is recorded at 1918584.



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