🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

UPDATE 1-Consortium led by Poste Italiane bids for UniCredit's Pioneer

Published 11/11/2016, 11:18 am
Updated 11/11/2016, 11:20 am
© Reuters.  UPDATE 1-Consortium led by Poste Italiane bids for UniCredit's Pioneer
MQG
-
CRDI
-
AMP
-
ADNl
-
ANIM
-
PST
-
AMUN
-

(Adds details)

By Francesca Landini

MILAN, Nov 10 (Reuters) - A consortium led by Poste Italiane PST.MI that includes asset gatherer Anima Holding ANIM.MI and Italian state lender Cassa Depositi e Prestiti said it submitted an offer on Thursday to buy UniCredit's CRDI.MI asset manager Pioneer.

The value of the offer was not disclosed. But under an agreement signed for the acquisition, the Italian post office pledged to give its asset management company BancoPosta Fondi SGR to Anima Holding, increasing its stake in Anima to up to 24.9 percent from the current 10.32 percent next year.

The combination between Poste Italiane's asset management company and Anima would create a entity with 147 billion euro in assets under management, they said in a joint statement.

The companies bidding for Pioneer said they wanted to create a leading asset management group and added that the deal, if successful, would also generate value for their shareholders.

UniCredit's recently appointed CEO Jean Pierre Mustier is looking to sell Pioneer and other businesses to boost the bank's stretched capital base. The disposal of the asset manager could fetch more than 3 billion euros ($3.3 billion), sources have said.

Pioneer is Europe's sixth-largest asset gatherer and has assets under management of around 225 billion euros.

Sources have said four other suitors were vying for Pioneer - France's Amundi AMUN.PA , U.S.-based Ameriprise Financial (NYSE:AMP) AMP.N , Australia's Macquarie MQG.AX and British group Aberdeen Asset Management ADN.L . three companies submitted their bid to UniCredit through a special vehicle in which Poste Italiane held the majority of share capital, they said.

($1 = 0.9184 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.