UPDATE 1-Unipol begins selling off Mediobanca stake
(Rewrites with details of placement)
MILAN Oct 9 (Reuters) - Italian insurer Unipol has started selling off its stake in investment bank Mediobanca , as demanded by the country's competition regulator in return for approving its takeover of debt-stricken rival Fondiaria-SAI.
Market sources told Reuters on Wednesday that the Bologna-based insurer was selling a 2.7 percent stake in Mediobanca through a share placing.
Unipol acquired control of a 3.83 percent stake in Mediobanca with the Fondiaria-SAI takeover and must sell out by the end of this year.
The regulator has asked Unipol to sell the stake to relinquish all ties with Mediobanca which brokered the merger deal which saved Italy's second-biggest insurer from bankruptcy along with the bank's own 1.1 billion-euro exposure to Fondiaria.
The share placing, carried out through broker Equita SIM, has a price range of 5.8 euros ($7.84) to 5.88 euros. The accelerated bookbuild for the deal will close by Thursday morning, the sources said. ($1=0.7398 euros) (Reporting by Isla Binnie and Gianluca Semeraro; Editing by Greg Mahlich)
- Exclusive: Secret contract tied NSA and security industry pioneer |
- Housing, jobs data weaken, but overall economic picture still upbeat
- Putin critic Khodorkovsky in Germany after pardon |
- Target probe looks overseas, stolen cards offered online
- Pizza outlet attacked as India, U.S. fail to cool diplomat row |