ING Direct to acquire Interhyp

by Richard Kilner

Story link: ING Direct to acquire Interhyp

ING Direct N.V has declared its intention to put forward an offer for Interhyp AG, the largest independent residential mortgage distributor in Germany.

The offer will value the firm at 416m euros, 64 euros per share.

Joint CEOs and founders Robert Haselsteiner and Marcus Wolsdorf have promised to offer their 32% stake in the firm.

In June ING will launch its public offer for a duration of four weeks, meaning that Interhyp’s shareholders will remain eligible for dividends for 2007 of just over 2 euros per share, and a one time payment of exactly 2 euros per share.

Based on the Friday share price and the dividends the offer ING will put forward includes a 42% premium.

Acquiring Interhyp would further ING Direct’s strategic direction to expand its range of products and services, according to ING Direct chief executive officer Dick Harryvan.

Interhyp offers mortgages through more than 50 banks primarily using the internet or telephone services.

The deal would require regulatory approval, and is expected to be closed by the third quarter of this year.