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Italy's Carige may raise at least $260 mln from two assets-source
April 24, 2013 / 5:47 PM / 4 years ago

Italy's Carige may raise at least $260 mln from two assets-source

MILAN, April 24 (Reuters) - Italian regional lender Banca Carige is expected to raise at least 200 million euros ($260 million) from the sale of its asset management unit and its stake in a local highway company, a financial source said.

Carige on Monday said it would sell its fully owned fund company Carige Asset Management SGR and its 20.6 percent stake in motorway Autostrade dei Fiori as part of a disposal plan.

“The group’s asset management has assets under management worth around 4 billion euros,” the source said, valuing the business at around 100 million euros.

The source added the stake in Autostrade dei Fiori could fetch around 120-130 million euros, with a capital gain for Carige of around 40 million euros.

$1 = 0.7695 euros Reporting by Andrea Mandala; writing by Antonella Ciancio; editing by Emilio Parodi and Jennifer Clark

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