Amundi confirms Pioneer bid, denies €4bn price tag

Added 19th October 2016

French asset management firm Amundi has confirmed its interest in buying Pioneer Investment from Italian bank UniCredit but denied the €4bn (£3.6bn, $4.4bn) bid offer reported in the media.

Amundi confirms Pioneer bid, denies €4bn price tag

In a statement released Wednesday, Amundi said: “Following rumours in the Italian newspaper Il Messaggero concerning the submission of a non-binding offer for the purchase of Pioneer by Amundi, Amundi wishes to clarify the following points:

“Amundi confirms its interest in Pioneer, consistent with the growth strategy presented at the time of its IPO.

“Amundi denies however the Pioneer valuation levels attributed to it.”

The company did not comment on whether or not the €4bn price tag was accurate. 

The asset management firm reiterated, however, its acquisition policy of adhering to strict financial criteria, especially regarding a return on investment greater than 10% over a three-year horizon.

Fund management merger talks abandoned

UniCredit had been in talks to merge Pioneer with Santander Asset Management.

First announced in November 2015, the plans were abandoned in July after “discussions to identify viable solutions to meet all regulatory requirements to complete the transaction” failed in the “absence of any workable solution within a reasonable time horizon”.

Following the failed merger, UniCredit announced that Pioneer would be included in a group-wide strategic review.

Bidders

According to Reuters, in addition to Amundi, Italy’s post office Poste Italiane, together with state lender Cassa Depositi e Prestiti and asset manager Anima Holding, submitted a preliminary offer for Pioneer in September.

The postal service was reportedly in talks with a group of banks earlier this week to raise up to €2bn to support its offer.

Also competing for Pioneer are Australia’s Macquarie and Aberdeen Asset Management, sources told the news agency.  

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Kirsten Hastings

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Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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