UniCredit in exclusive talks to sell Pioneer to Amundi: Reuters

(Reuters) — UniCredit (CRDI.MI), Italy’s biggest bank by assets, has started exclusive talks with France’s Amundi (AMUN.PA) to sell its asset management arm Pioneer Investments as it strives to boost its capital base.

UniCredit is exploring asset sales under new Chief Executive Jean Pierre Mustier and is set to unveil a strategic plan on Dec. 13, which sources have said will include a share rights issue for up to 13 billion euros ($13.74 billion).

Sources told Reuters on Friday Amundi was in the lead after offering more than 3.5 billion euros for Pioneer.

Amundi beat a consortium led by Italy’s post office Poste Italiane (PST.MI) and a rival offer by Ameriprise Financial (AMP.N).