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UniCredit in exclusive talks with Prelios-Fortress over bad bank sale, says source-Reuters

(Reuters) – UniCredit (CRDI.MI) has started exclusive talks with a consortium comprising U.S. Fortress Investment Group (FIG.N) and Italy’s Prelios (PCRE.MI) to sell debt recovery unit UCCMB, a source close to the matter told Reuters on Friday.

The sale, which could raise more than 600 million euros ($760 million), would be the biggest transaction on distressed debt signed in Italy for several years after other Italian lenders scrapped similar deals some months ago.

UniCredit chose the Fortress-Prelios consortium ahead of a rival bid from a team of investors led by Lone Star.