MILAN, July 25 (Reuters) - London-based private equity fund Pamplona Capital Management LLP said on Thursday it had given a 4.01 percent stake it owns in Italian lender UniCredit to Deutsche Bank in exchange for financing.
The fund, backed by Russian billionaire Mikhail Fridman’s Alfa Group, said that Deutsche Bank was committed to returning the stake upon request so that Pamplona could exercise its voting rights at UniCredit’s shareholder meetings.
The statement by Pamplona was made at the request of Italian market regulator Consob after an Italian daily reported Deutsche Bank had the right to use and dispose of the pledged shares without the consent of the fund.
“Such dispossession of UniCredit shares in favor of Deutsche Bank must be deemed on a temporary basis only,” the fund said in a statement.
Deutsche Bank was not immediately available for comment
Pamplona bought a 5.01 percent stake in Italy’s biggest lender by assets last year, becoming the bank’s second largest shareholder.