Unicredit concluded successfully the sale of its residual stake in the capital of FinecoBank, about a quarter the 18th%. This was announced by the Bank itself in a note, specifying that it had sold a total of 111,6 million FinecoBank ordinary shares at the price of € 9,85 per share, for a total value that is close to share one billion and 100 million (1.099 million).
The price incorporates a discount of about 4,4% compared to the last pre-announcement closing price of Fineco. As for the capital impact on Unicredit, “it is estimated overall at increase of around 30 basis points in CET1 capital ratio of the Unicredit Group in 3Q 2019”, reads the note again.
Il offer regulation – aimed exclusively at institutional investors – is scheduled for Thursday 11 July.
The operation is part of the financial measures launched in preparation for the strategic plan 2020-23 and was completed through an accelerated bookbuilding procedure.
For the offer, Unicredit made use of JP Morgan, UBS Investment Bank and Unicredit Corporate & Investment Banking as Joint Bookrunners.
