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Unipol to buy stake in ING

Michael Bradford

July 23, 2007 Reprints

P/C Insurers More + Less -

BOLOGNA, Italy Unipol Assicurazioni S.p.A. is acquiring 19% of ING Insurance for around €150 million ($207.2 million) in a deal expected to close in September.

Unipol, based in Bologna, Italy, is buying the stake in Amsterdam-based ING from the insurer's parent, P&V Assurance S.c.r.l., a Brussels-based insurance group.

Unipol said in a statement announcing the deal that it expects further investments in ING by Unipol's French partners MACIF Societe d'Assurance Mutuelle and MAIF Societe d'Assurance Mutuelle.

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Unipol to buy stake in ING

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