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Four suitors file binding offers for UniCredit's Pioneer - sources

Published 11/11/2016, 15:41
© Reuters. The Amundi company logo is seen at their headquarters in Paris
MQG
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CRDI
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AMP
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PST
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AMUN
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MILAN (Reuters) - France's Amundi (PA:AMUN), a consortium led by Poste Italiane (MI:PST), Australia's Macquerie (AX:MQG) and U.S.-based Ameriprise Financial (N:AMP) have submitted binding offers to buy UniCredit's (MI:CRDI) asset manager Pioneer, two sources close to the matter said on Friday.

One of the sources said UniCredit would shortlist two of the four bidders by Monday, aiming to take a final decision by the buyer by Dec. 10.

One of the sources said the offers are valuing the asset manager between 3.2 billion ($3.48 billion) and 3.4 billion euros, excluding a 325 million euro cash position held by Pioneer.

The other source indicated a value range of 3.7-4.0 billion euros, yet without clarifying if this included Pioneer's liquidity.

© Reuters. The Amundi company logo is seen at their headquarters in Paris

($1 = 0.9197 euros)

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