ING Direct to buy German mortgage firm

Dutch bank ING said on Monday it is to launch a public tender offer for Germany’s largest independent mortgage company Interhyp via its internet banking arm ING Direct.

ING Direct is to offer €64 a share for Interhyp, valuing the company at €416m. The offer has the backing of Interhyp’s founders who have a 32% stake in the firm.

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