UNICREDIT CONFIRMS RECEIVED BIDS FOR ASSET MANAGEMENT UNIT

Italy’s biggest bank UniCredit (CRDI.MI) confirmed on Friday it was in talks with potential buyers to sell its asset management unit Pioneer Investments as it seeks to strengthen its capital base.

A deadline to submit binding bids for Pioneer, which is estimated to be worth more than 3 billion euros ($3.27 billion), expired this week. UniCredit is conducting a strategic review under new Chief Executive Jean Pierre Mustier, who has already sold some assets to raise capital and will unveil a new business plan on Dec. 13.

Poste Italiane (PST.MI) said late on Thursday it had submitted an offer together with asset gatherer Anima Holding (ANIM.MI) and state lender Cassa Depositi e Prestiti.

The Italian press reported UniCredit had received a total of four offers.

“UniCredit confirms it received some offers for Pioneer Investments … there is no certainty that talks will lead to a deal,” the bank said in a statement.

Source: http://www.reuters.com/

Categories: Investment

Leave A Reply

Translate »