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Name | Symbol | Market | Type |
---|---|---|---|
Mediobanca Banca Di Credito Finanziario SPA (PK) | USOTC:MDIBY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.328 | -2.22% | 14.442 | 14.13 | 14.58 | 14.442 | 14.283 | 14.307 | 1,485 | 21:06:11 |
ROME—Italian lender UniCredit SpA has agreed to sell its asset-management unit Pioneer Investments to France's Amundi SA, a person familiar with the matter said Sunday, in a deal valuing the company at more than €4 billion ($4.21 billion).
The person said that the sale would involve the payment of a special dividend to UniCredit in addition to the sale proceeds.
Last week, The Wall Street Journal reported that UniCredit could have sold Pioneer to Amundi for between €3.2 billion and €3.5 billion, according to another person familiar with talks. In addition, Pioneer would have paid UniCredit a special dividend of up to €800 million, as part of the deal.
UniCredit declined to comment. Amundi and French bank Credit Agricole SA, which owns a 75% stake in Amundi, couldn't immediately be reached for comment.
Pioneer's sale is part of a strategic plan UniCredit will unveil on Tuesday, aimed at bolstering its capital base.
Pioneer manages assets worth €225.8 billion across America, Europe, the Middle East and Asia, according to its website.
Mediobanca SpA is advising Amundi on the deal, while J.P. Morgan Chase & Co. and Morgan Stanley are advising UniCredit.
Write to Giovanni Legorano at giovanni.legorano@wsj.com
(END) Dow Jones Newswires
December 11, 2016 20:05 ET (01:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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