Abu Dhabi fund Aabar Investments said its sale of €2 billion ($2.2 billion) of bonds exchangeable into shares of UniCredit was not an exit from its investment in the Italian bank, but a way to improve its own finances.
Abu Dhabi's Aabar Investments could raise up to 2 billion euros ($2.2 billion) by launching bonds exchangeable into shares of Italian bank UniCredit, to raise funds and help buy back a Daimler exchangeable bond.
Aabar, which o
Abu Dhabi's Aabar Investments is preparing a bond that can be exchanged for shares in Italian bank UniCredit SpA, a source familiar with the matter said on Monday.
A spokesman for Aabar, which has a stake of just over 5 per ce
Qatar's sovereign fund will become sole owner of a prime real estate area in Milan, which has a market value of more than 2 billion euros ($2.25 billion) and is home to the new high-rise headquarters of Italy's UniCredit .
Italy's UniCredit has reached a deal with unions to cut 2,400 jobs, the sector's main union FABI said, in the first stage of workforce reductions foreseen in the bank's 2013-18 restructuring plan.
The country's big
UniCredit yesterday reported a bigger than expected net profit in the first quarter thanks to lower bad debt provisions, a sign there might be light at the end of the tunnel soon for Italy's biggest bank by assets.
Abu Dhabi's state-owned International Petroleum Investment Co posted a $3.42 billion loss on stakes in automaker Daimler and Italian bank UniCredit in 2011, all but wiping out its profit.
IPIC, which reported a 97 percent drop in 2011 net
Abu Dhabi sovereign wealth fund Aabar Investments has increased its stake in Italian bank UniCredit to 6.5 per cent by exercising a call option, market regulator Consob said.
Aabar previously had 4.99 per cent of UniCredit, Consob said.
Abu Dhabi's investment vehicle Aabar on Tuesday said it will raise its stake in UniCredit to 6.5 percent once the Italian lender's capital increase is completed.
Aabar Luxembourg, a subsidiary of the sovereign wealth fund, has ent