Santander on Wednesday acknowledged discussions with Unicredit to integrate Santander Asset Management, the asset management business, with Pioneer Global Asset Management, a wholly owned subsidiary of UniCredit.
“Bank Santander is considering, along with its partners Warburg Pincus and General Atlantic, the potential integration of Santander Asset Management with Pioneer Global Asset Management, without, so far, there is no agreement on the potential structure or terms of the possible operation, “said the entity that presides Ana Botin to the National Securities Market Commission (CNMV).
Santander Asset Management is a business that is subject to joint control of Santander, on the one hand, and Warburg Pincus and General Atlantic, on the other, to the Cantabrian entity transferred most of its assets management companies in 2013.
The Santander said it will inform the market on the assumption that in the future reached an agreement to carry out the operation.
Meanwhile, Unicredit CEO Federico Ghizzoni, yesterday confirmed the existence of such negotiations and hoped that the agreement with Santander and its partners in the fund manager Warburg Pincus and General Atlantic is signed in late November.
In this regard, the CEO of Unicredit said that, although technically it is not exclusive negotiations, the entity does not hold talks with another party other than Santander.
If the deal moves forward, creating an overall size company with strong presence in Europe, Latin America and the United States, the ratio of core capital to increase Unicredit in between 20 and 25 basis points. Under the terms of the transaction negotiation, Unicredit will hold a third of the combined company, which will have the same percentage Santander. Warburg Pincus and General Atlantic the remaining share capital of the company is divided.
Ghizzoni explained that the two private equity firms plan to leave the manager “in a few years” and that the goal is to take part the same public, Santander and Unicredit holding a stake of around 33%.
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