PARIS, March 14 (Reuters) - French asset manager Amundi set a price of 42.50 euros for its previously announced 1.4 billion euros ($1.5 billion) rights issue to finance its acquisition of Pioneer Investments from Italian bank UniCredit.
The rights issue price of 42.50 euros represents a discount of 20.6 percent to Amundi’s closing share price of 53.50 euros on March 13. Shareholders would get 1 new share for 5 existing shares as part of the capital increase.
French bank Credit Agricole will subscribe to the rights issue and will hold around 70 percent of Amundi’s share capital once the rights issue has been completed.
The subscription period for the rights issue will run from March 17 to 31, Amundi added on Tuesday.
$1 = 0.9383 euros Reporting by Sudip Kar-Gupta