Unicredit has signed a binding agreement for the sale of Pioneer to Amundi, to the exclusion of the activity in Poland (asset for € 4 billion). The transaction will be carried out to 3,545 billion all in cash. In addition, Unicredit will receive from Pioneer, prior to the closing of the transaction, an extraordinary dividend of € 315 million. Meanwhile, the title jumps to the Piazza Affari, at 9:50 salt of 4.4 percent to 2.61 euros.
The positive impact on the Cet1 capital ratio of the banking group in italy is estimated at 78 basis points. As at the date of 30 September, the parameter of the Cet 1 ratio fully loaded of the bank was equal to 10,82%. The transaction will generate a net capital gain for Unicredit at the consolidated level 2.2 billion in 2017.
the agreement provides for the distribution of the products of asset management through the distribution networks of the Unicredit in Italy, Germany and Austria for 10 years. Amundi group Credit Agricole ) is the first operator in the sector of managed savings in Europe and in this way becomes the eighth on a global level with 1,276 billion euros of assets under management.
in the Meantime, in the late morning, the ceo of Amundi Yves Perrier, presenting today the operation in the press conference, said he intends to double the staff of the newly acquired Pioneer, bringing it to 600 units. Milan, he confirmed, “it will be one of seven investment hub of the group, the staff will be doubled and will increase to 600 employees at the end of the plan of integration”. The transaction is subject to necessary approvals by the supervisory authorities and the competition authority. The closing is expected by the first half of 2017.
The French, who have had Mediobanca as a consultant, will finance the transaction with available capital of 1.5 billion euro, with a share capital increase of € 1.4 billion (through the issuance of the option rights) and 0.6 billion of senior and subordinated debt. The increase will be launched in first half 2017 and will be underwritten by the group parent company Crédit Agricole, which will underpin the offering and will retain a share of the pro forma minimum of 66,7%.
Jean-Pierre Mustier, chief executive officer of Unicredit , explained that “thanks to a distribution agreement of long-term, the bank’s customers will have access to a wider range of quality products and services, while the group will benefit from the major fee and commission income from the distribution resulting from the higher flows of collection expected”.
as A result of the operation, she continued Mustier, “Italy will become the second domestic market for Amundi, and in particular Milan will be one of its main centres of investment, with the creation of new jobs”. Italy, writes Amundi today in its note, it is a market which is worth 160 billion euros of Aum.
Unicredit has relied on JP Morgan, Morgan Stanley and UniCredit Corporate & Investment Banking, such as financial advisors, while the Firm Gianni, Origoni, Grippo, Cappelli & Partners has acted as legal adviser.
last week, the group led by the ceo Mustier had announced the sale of 32.8% of the Polish subsidiary Bank Pekao for almost eur 2.5 billion. To buy shares in Pzu and Pfr at a price per share of the 123 pln, for a total of 10.6 billion Polish zloty, a value that exceeds nearly 1.5 times the net equity dating back to the third quarter of the current year. The sale of Pekao result in additional 55 basis points on the Cet 1 ratio of Unicredit on the basis of the data dating back to the third quarter.
The bank then proceeded with a new operation for the sale of 7.3% of the shares of Pekao remained in the portfolio through certificates, equity-linked, or certificates secured by a lien on the shares in Pekao. Strategic choice: in this way, Unicredit may benefit from a possible increase in the value of Pekao generated by the operation since its completion.
the CDA-PLAN. Tomorrow in London Unicredit will make known to the market and the restructuring plan of the group, starting from the capital increase estimated by analysts in 13 billion euros, to which sum the sales in act. According to press rumors reported this morning by Mediobanca Securities, today, the board of directors of Unicredit should discuss the operation 13 billion and the sale of the 20% of the vehicle for the non-performing loans in which the credit institution has channelled 20 billion of Npls.
Today, analysts at Banca Imi, wrote, by the board of directors today’s Unicredit expect a particular focus on the reduction of costs, among the various subjects to be treated. And calculate cuts to full-time personnel equal to 7.5% of the workforce, that is, the 7,800 people. In addition to a capital increase of € 13 billion.
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