ING said late Tuesday that it plans to sell 54 million shares in Capital One. Based on Tuesday's close, the stake is worth about $3 billion. It will be executed through an underwritten public offering. The transaction is expected to be completed on Sept. 10.
ING has been forced to sell assets as a condition of the bailout it received from the Dutch government in 2008.
ING obtained the shares when Capital One purchased ING Direct USA in February for $9 billion.
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