Property firm Goodman Group Ltd (ASX:GMG) and partners, Canada Pension Plan Investment Board, the All Pensions Group and the China Investment Corporation have made their formal bid for the ING Industrial Fund (ASX: IIF).

ING's chairman Kevin McCann said the board will recommend the offer to shareholders as it is a worthwhile proposition for investors.

Shares of ING Industrial Fund fund rose 3.9 per cent on Wednesday after the recommended $1.4 billion takeover offer.

At 1006 AEDT, IIF shares traded at 53 cents per share, below the Goodman-led consortium's offer price of 54.6 cents per share.

IIF shares were placed in a trading halt on December 23 pending last week's bid and an extended Christmas break kept the market closed on Monday and Tuesday.

Goodman's bid comes as pressure mounts on ING Group from regulators to offload assets to accelerate the repayment of a 10 billion euro rescue loan from the Dutch government at the peak of the European banking crisis.

With Reuters