Insurance firm ING Group has reached a conditional agreement with Aegon to buyback over 24 million shares for E89.5 million.
ING has a standing mandate to buy back preference shares at the market price and said that it considered E3.72 per share a fair price.
The company has still to ratify the deal with its shareholders, a task it will look to complete at its AGM on April 25, 2006. The insurer will also seek permission to buy shares at more flexible levels from other investors if offered.
It said the transaction would have no significant impact on earnings or key ratios.