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Dutch state cedes control of ASR after share sale

NL Financial Investments completed the sale of 20 million ordinary shares, or a 13.3% stake, in ASR Nederland NV through an accelerated bookbuilding, cutting the Dutch government's stake in the insurance firm to 36.8% from 50.1%.

NLFI, acting on behalf of the Dutch state, sold the shares at €25.75 apiece for total aggregate proceeds of €515 million, none of which will be received by ASR.

NLFI's shareholding in ASR is expected to reach 37.5% after cancellation of the 3 million shares that ASR acquired in January. The holding company's remaining shares in ASR are subject to a 60-day lockup period.