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Libyan Investment Authority Raises UniCredit Stake, Sole Says

The Libyan Investment Authority raised its stake in UniCredit SpA to 2.59 percent from 2.08 percent after buying about 100 million shares, Il Sole 24 Ore reported, without saying where it got the information.

The combined holdings of the north African country in Italy’s biggest lender now total 7.2 percent, Sole reported. The Central Bank of Libya owns about 5 percent.

Chief Executive Officer Alessandro Profumo said Sept. 6 that the lender asked its Libyan investors to prove they are separate entities after a request by regulators. Market watchdog Consob is still investigating, Sole said today.

The Libyan fund and the central bank would be in violation of UniCredit’s statutes if they were deemed to be a single entity because the bank restricts voting rights to 5 percent stakes.

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