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12/11/2016, 11:49 PM (Source: TeleTrader)
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UniCredit sells Pioneer to Amundi for more than $4 bn

UniCredit SpA agreed to sell its Pioneer Global Asset Management SpA to Amundi SA for more than €4 billion, according to media reports on Sunday.

French Amundi, advised by Mediobanca on the deal, will give UniCredit around €3.5 billion for the acquisition of Pioneer, and Europe’s sixth-largest asset manager will then pay out a special dividend to the bank. The dividend is expected to amount to between €500 million and €800 million.

Italy’s largest lender by assets is working on leaning out its business in order to meet tough new regulations. It already sold its stake in Polish lender Pekao earlier this week, and 20% of its stake in online broker FinecoBank last month. The bank is set to announce an issue of shares worth up to €13 billion on Tuesday.

Breaking the News / RV