UniCredit Said to Get Binding Bids for Up to 50% of Pioneer

UniCredit SpA expects to receive three binding offers for as much as 50 percent of its asset management unit Pioneer Global Asset Management SpA by tomorrow, a person familiar with the matter said.

UniCredit may receive offers from CVC Credit Partners European Opportunities, Banco Santander SA and Advent Capital Management , said the person, who asked to not be identified because the talks are private. The Milan-based lender hired Morgan Stanley and BofA Merrill Lynch as advisers for the transaction, the person said. Newspaper Il Messaggero reported the news earlier today.

Chief Executive Officer Federico Ghizzoni is selling assets, cutting costs and reducing risk as part of a plan targeting 2 billion euros ($2.7 billion) of net income this year. UniCredit may consider a partner for Pioneer, the CEO told reporters in Turin July 9.

Pioneer had assets of 179 billion euros at the end of March, with 2,060 employees in 27 countries.

Representatives at UniCredit and CVC declined to comment. An official at Santander didn’t have an immediate comment, while Advent didn’t immediately answer an e-mail seeking comment.

Before it's here, it's on the Bloomberg Terminal.