Amundi starts €1.4bn rights issue for Pioneer

By Aidan Gregory
14 Mar 2017

Shares in Amundi, the French asset manager, closed 4% lower on Tuesday after it announced the terms for its €1.4bn rights issue to partly finance its takeover of Pioneer Investments, the asset management division of UniCredit, for €3.5bn.

The one for five deal, which won near-unanimous approval from Amundi’s shareholders in January, consists of 33.5m new shares at an offer price of €42.50 a share.

That is a discount of 22.66% to the closing price of Amundi on March 10 and a 19.2% discount to ...

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