Aabar to increase UniCredit stake to 6.5 pc
Abu Dhabi, January 17, 2012
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 entered into a series of transactions to raise its stake in UniCredit, Aabar said in a statement.
"We are intending to participate in the rights increase and actively support UniCredit's management and franchise in the future," Aabar chairman Khadem Al Qubaisi said.
"This additional investment in UniCredit further reiterates our support to the bank and its management in successfully navigating through current market uncertainty. It is our belief that the success of the current rights issue will help strengthen UniCredit's capital base and bring with it a more positive outlook for the future.
Morgan Stanley acted on behalf of Aabar on this transaction, said a statement. Aabar has been a shareholder in UniCredit since March 2009. Reuters and TradeArabia News Service