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ING GROUP DOES NOT PROCEED WITH OFFER FOR BBL SHARES

 AMSTERDAM, The Netherlands, Nov. 19 ~PRNewswire~ -- The executive board of Internationale Nederlanden Group (ING Group) does not proceed with the offer for the shares of Bank Brussels Lambert (BBL).
 ING Group has arrived at this decision when it had become clear that the board of directors of BBL, including the executive committee, would not support the terms ING Group had set for making a public offer. Before making this announcement ING Group informed the chairman of the "Commissie voor het Bank- en Financiewezen" (CBF) of its intention.
 During the past few weeks ING Group undertook extensive and constructive discussions with BBL. Object of these discussions were, inter alia, the many aspects of BBL's books of business in Belgium and abroad. At the end of the discussions it became evident a difference of opinion concerning the valuation of certain assets could not be bridged.
 It has become clear that a public offer below the maximum price indicated earlier would not likely succeed. This has become the more apparent in the course of the last few weeks when an important group of BBL shareholders announced they would not tender their shares as they would not even have accepted the previously indicated maximum price of BEF 3,600 per share.
 The executive board of ING Group regrets that the discussions have not resulted in total agreement with BBL. ING Group intends to remain an important minority shareholder of BBL.
 -0- 11~19~92
 ~CONTACT: H.L. van Mierlo, head public affairs and press relations, or Ph.J. de Koning Gane, general manager corporate affairs & strategy, of Internationale Nederlanden Group, 31-20-6462201~


CO: Internationale Nederlanden Group; Bank Brussels Lambert ST: IN: FIN SU: TNM

EA-BN -- AT002 -- 3259 11~20~92 09:39 EST
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Publication:PR Newswire
Date:Nov 20, 1992
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