By Giovanni Legorano

MILAN--Italian bank UniCredit SpA (UCG.MI) said Monday it has entered exclusive talks to sell its asset management unit Pioneer Investments to France's Amundi SA (AMUN.FR).

In November, UniCredit received four binding offers for Pioneer, ranging from 3.7 billion euros ($3.91 billion) to EUR4 billion, according to a person familiar with the matter.

The Pioneer sale is part of a strategic plan UniCredit is pulling together to shore up its capital base, the details of which are due to be announced on Dec. 13.

It may include a share sale worth about EUR13 billion, along with asset sales and cost cuts, according to people familiar with the matter.

-Write to Giovanni Legorano at giovanni.legorano@wsj.com

(END) Dow Jones Newswires

December 05, 2016 02:48 ET (07:48 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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