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Amundi plans shares sale of 1.5 to two billion euros to fund Pioneer's buyout - FT
December 9, 2016 / 7:03 AM / a year ago

Amundi plans shares sale of 1.5 to two billion euros to fund Pioneer's buyout - FT

PARIS (Reuters) - French asset manager Amundi (AMUN.PA) plans to sell new shares totalling between 1.5 billion euros to 2 billion euros (1.59 to 1.27 billion pounds) early next year to fund the acquisition of its Italian rival Pioneer from UniCredit (CRDI.MI), the Financial Times reported on Friday, citing unnamed sources.

People walk near the Amundi company headquarters in Paris, France, October 7, 2015. . REUTERS/Philippe Wojazer

The capital increase would likely dilute Credit Agricole’s (CAGR.PA) stake in Amundi, currently at about 75 percent, according to the FT, which cites three people close to the matter.

Spokesmen for Amundi and Credit Agricole were not immediately available for comment.

UniCredit, Italy’s biggest bank by assets, said on Monday it started exclusive talks with Amundi to sell its asset management arm Pioneer Investments in a deal that could be higher than 3.5 billion euros.

Reporting by Mathieu Rosemain and Gilles Guillaume; Editing by Ingrid Melander

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