Unicredit has launched an operation of sale of 20% of its subsidiary FinecoBank through an accelerated bookbuilding procedure aimed at certain categories of institutional investors. The institute communicates it in a note. The bookbuilding will begin immediately, "however Unicredit reserves the right to close the offer and vary the terms at any time", explains the bank.
Following the closing of the offer, Unicredit will continue to control and consolidate the company with a stake of approximately 35%moreover, the institute “has signed a commitment not to dispose of further FinecoBank shares for a period of 360 days from the settlement date of the transaction”. During this period, Unicredit will not be able to implement any act of disposal of FinecoBank shares without the prior consent of Ubs on behalf of the Joint Bookrunners.
The sale of 20% of Fineco comes after the institute had placed the first 10% of the Italian subsidiary in July. In the last months, Unicredit also placed 10% of Bank Pekao. Today the Unicredit stock was among the best on the stock exchange, where it closed gaining 2,4% at 2,144 euros per share.
