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UPDATE 2-Four suitors submit binding bids for UniCredit's Pioneer-sources

Fri, 11th Nov 2016 17:18

(Updates with sources on other binding offers, details)

By Maria Pia Quaglia and Gianluca Semeraro

MILAN, Nov 11 (Reuters) - Italian bank UniCredit hasreceived four binding offers for its asset manager Pioneer,valuing the business at more than 3 billion euros ($3.25billion), two sources close to the matter said on Friday.

The offers came from a consortium led by Italy's postoffice, France's Amundi, Australia's Macquarie and U.S.-based Ameriprise Financial, thesources said.

One of the sources said that UniCredit would shortlist two bidders by Monday, aiming to take a final decision on the buyerby Dec. 10.

Chief Executive Jean Pierre Mustier, who took the helm atItaly's largest bank by assets in July, is looking to sellPioneer and other businesses to boost the lender's stretchedcapital base.

It is also expected to launch a rights issue, which bankersexpect to be in a range of 8-10 billion euros. The size of thecash call will depend on how much money UniCredit nets from disposals.

One source said the offers valued Pioneer at between 3.2billion and 3.4 billion euros, excluding a 325 million euro cashposition held by the asset manager.

The second source indicated a value range of 3.7-4.0 billioneuros, but it was not clear if this included Pioneer'sliquidity.

Pioneer is Europe's sixth-largest asset gatherer and hasassets under management of around 225 billion euros.

As investors around the world search for higher returns,asset gatherers have grown rapidly in recent years, making theman appealing target for banks and financial institutions.

The financial wealth of Italian families, excludingproperty, totals 3.9 trillion euros.

According to 2014 data, only 32 percent of these funds wasinvested in asset management and insurance products, well belowan average in leading European countries - making Italy acountry with high growth potential for asset managers.

Poste Italiane is the only bidder who officiallyconfirmed on Thursday having presented an offer for Pioneer. Itis bidding with Anima Holding and Italian state lenderCassa Depositi e Prestiti, it said in a statement.

UniCredit confirmed on Friday it was in talks with potentialbuyers for Pioneer, saying there was no certainty the talks willlead to a deal.

($1 = 0.9184 euros) (Additional reporting by Francesca Landini in Milan and MayaNikolaeva in Paris; Editing by Tom Brown/Ruth Pitchford)

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