UniCredit, Santander Terminate Asset Management Units Merger
July 27 2016 - 5:23AM
Dow Jones News
By Deborah Ball
MILAN-- UniCredit SpA said Wednesday that it has agreed with
Spain's Banco Santander SA to terminate an agreement struck last
year to merge its asset-management units.
The Italian bank said that due to regulatory problems, it was
impossible to find a "workable solution within a reasonable time
horizon."
Last year, UniCredit and Santander reached a preliminary
agreement to merge its asset-management unit Pioneer with that of
the Spanish bank.
In Wednesday's statement, UniCredit said that it may now
consider an initial public offering of Pioneer.
Write to Deborah Ball at deborah.ball@wsj.com
(END) Dow Jones Newswires
July 27, 2016 05:08 ET (09:08 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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