Deals
UniCredit Raising $606 Million in Sale of FinecoBank Stake
- Bank is selling 20% stake at 5% discount in its online bank
- CEO Mustier is seeking to shore up Italian bank’s finances
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UniCredit SpA is set to raise about 550 million euros ($606 million) by selling a 20 percent stake in its online bank FinecoBank SpA as part of Chief Executive Officer Jean Pierre Mustier’s plan to shore up finances.
Italy’s biggest lender is selling about 121 million shares in an accelerated book building at 4.55 euros each, a 5 percent discount to their closing price Wednesday, according to terms obtained by Bloomberg. The shares were offered in a price range between 4.48 euros and the closing price of 4.79 euros. UniCredit in cooperation with Kepler Cheuvreux and UBS Group AG acted as joint global coordinators.