French asset management group Amundi and Italian banking group Unicredit have entered into exclusive negotiations regarding the possible sale of Unicredit’s asset management unit Pioneer Investments to Amundi.
Last October, Amundi has confirmed its interest in acquiring Pioneer Investments.
At that time, Amundi stated its interest was “consistent with the growth strategy presented at the time of its IPO”, but denied a €4bn valuation for Pioneer Investments.
“Amundi re-iterates that its acquisition policy adheres to strict financial criteria, in particular, a return on investment greater than 10% over a three-year horizon,” the asset manager said in October.
Aberdeen Asset Management which was interested by the purchase of Pioneer Investments recently renounced after it assessed too expensive a valuation of €3.5bn for the acquisition.