Fondazione CRT is preparing to sell its stakes in France’s Societe Generale SA and Spain’s Banco Sabadell SA to free up funds to subscribe to UniCredit SpA’s planned capital increase, Il Sole 24 Ore reported on its website today, without saying where it got the information.
Fondazione CRT owns a 0.86 percent stake in Societe Generale that would be worth 110 million euros ($143 million) at current share prices, the Milan-based newspaper said. Fondazione CRT owns 1 percent of Sabadell, an asset valued at 42 million euros at current prices, Sole said. Fondazione CRT is leaning toward selling the stakes and hasn’t set any schedule for the sales, the business daily said.
Fondazione CRT, a Turin, Italy-based banking foundation, directly owns a 3.3 percent stake in UniCredit and needs to invest about 300 million euros to maintain its share at the Italian bank’s planned capital increase, Sole said. Fondazione CRT plans to fund the operation two-thirds through equity and one-third through debt, the newspaper said.
Calls to a Fondazione CRT spokesperson’s office and mobile telephones outside office hours today weren’t answered.