Thursday 18 December 2014
 
»
 
»
Story

Aabar, UniCredit in talks on capital move

Abu Dhabi, February 13, 2009

Abu Dhabi's Aabar Investments is in talks to subscribe to about 60 million euros ($77.5 million) of UniCredit SpA's 3 billion euro capital-strengthening measure, an Aabar official said on Friday.

'We are in discussions, evaluating the price but an agreement is not yet finalised,' a senior official at the company told Reuters, declining to be named due to company policy.

In Milan, a source close to the issue said a publicly traded Abu Dhabi company would subscribe to the convertible bond issue, called Cashes. The company should be Aabar, the source said.

Italian newspapers reported the Abu Dhabi subscription on Friday. Aabar, which is partly government owned, bought 3.3 per cent of Italian highway operator Atlantia SpA in December from UniCredit, Italy's second-biggest bank by market value.

The source said: 'We're talking about a fund that will subscribe a little less than 60 million euros of Cashes.'  A UniCredit spokesman declined to comment.

The Cashes are part of efforts by UniCredit to boost its capital by 6.6 billion euros. A gap of 440 million euros in the Cashes issue was opened when leading shareholder Fondazione CariVerona abstained.

The Central Bank of Libya, UniCredit's number-two shareholder, is subscribing to 250 million euros to partly fill the gap. Foundations Cassa di Risparmio di Torino and Cassa di Risparmio di Modena said on Thursday they would put up 133.5 million euros.-Reuters




Tags: Aabar | capital | UniCredit |

More Economy Stories

calendarCalendar of Events

Ads