Reuters: Mergers News: Nikko, Principal shortlisted for ING Asia unit-sources

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Nikko, Principal shortlisted for ING Asia unit-sources May 29th 2012, 03:04 SINGAPORE/HONG KONG | Mon May 28, 2012 11:04pm EDT SINGAPORE/HONG KONG May 29 (Reuters) - Japan's Nikko Asset Management and U.S.-based Principal Financial Group are among the suitors to advance to the next round of bidding for ING Groep's Asia asset management business in a deal that could be worth up to $600 million, sources familiar with the matter said. Royal Bank of Canada and Singaporean bank UOB Ltd are the other shortlisted parties, the sources said. It was not immediately clear if other bidders have progressed to the next round. The Dutch bancassurer is selling its Asian asset management and insurance businesses in two separate auctions, which is expected to fetch more than $7 billion in total. The proceeds will help ING to repay the state bailout it received after the largest Dutch financial services company almost collapsed during the 2008 global crisis. Spokespeople for Nikko , Principal, RBC and UOB and declined to comment. An ING spokeswoman in Hong Kong also declined comment.

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