Four suitors submit binding bids for UniCredit's Pioneer: sources
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
Amundi CEO Yves Perrier poses during a ceremony for the debuts of Europe's top asset manager on Euronext Paris stock market at La Defense business and financial district in Courbevoie near Paris, France, November 12, 2015.REUTERS/Jacky Naegelen
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
By Maria Pia Quaglia and Gianluca Semeraro
MILAN (Reuters) - Italian bank UniCredit has received four binding offers for its asset manager Pioneer, valuing the business at more than 3 billion euros ($3.25 billion), two sources close to the matter said on Friday.
The offers came from a consortium led by Italy's post office, France's Amundi, Australia's Macquarie and U.S.-based Ameriprise Financial, the sources said.
One of the sources said that UniCredit would shortlist two bidders by Monday, aiming to take a final decision on the buyer by Dec. 10.
Chief Executive Jean Pierre Mustier, who took the helm at Italy's largest bank by assets in July, is looking to sell Pioneer and other businesses to boost the lender's stretched capital base.
It is also expected to launch a rights issue, which bankers expect to be in a range of 8-10 billion euros. The size of the cash call will depend on how much money UniCredit nets from disposals.
One source said the offers valued Pioneer at between 3.2 billion and 3.4 billion euros, excluding a 325 million euro cash position held by the asset manager.
The second source indicated a value range of 3.7-4.0 billion euros, but it was not clear if this included Pioneer's liquidity.
Pioneer is Europe's sixth-largest asset gatherer and has assets under management of around 225 billion euros.
As investors around the world search for higher returns, asset gatherers have grown rapidly in recent years, making them an appealing target for banks and financial institutions.
The financial wealth of Italian families, excluding property, totals 3.9 trillion euros.
According to 2014 data, only 32 percent of these funds was invested in asset management and insurance products, well below an average in leading European countries - making Italy a country with high growth potential for asset managers.
Poste Italiane is the only bidder who officially confirmed on Thursday having presented an offer for Pioneer. It is bidding with Anima Holding and Italian state lender Cassa Depositi e Prestiti, it said in a statement.
UniCredit confirmed on Friday it was in talks with potential buyers for Pioneer, saying there was no certainty the talks will lead to a deal.
($1 = 0.9184 euros)
(Additional reporting by Francesca Landini in Milan and Maya Nikolaeva in Paris; Editing by Tom Brown/Ruth Pitchford)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- EU launches new investigation into Chinese steel imports
- Tainted homemade rice wine kills 15 at funerals in Cambodia
- Six police killed in Cairo blast
Create E-mail Alert Related CategoriesReuters
Related EntitiesSecond Curve Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!