Amundi confirms bid for Unicredit’s Pioneer

Handshake-Business-Finance-Deal-Corporate-700.jpgParis-based asset manager Amundi has confirmed its interest in acquiring UniCredit’s Pioneer Asset Management following recent media speculation.

Amundi responded to Italian newspaper Il Messaggero, which reported there had been a presentation of a non-binding offer for the purchase of Pioneer, confirming its interest as “consistent with the growth strategy presented at the time of its IPO” in November last year.

However, Amundi said in a statement that its acquisition policy adheres to strict financial criteria with a return on investment greater than 10 per cent over three-years.

The firm also denied the €4bn valuation levels attributed to the possible deal.

In September, two other bidders were reportedly interested to buy Pioneer, including  Italian insurer Assicurazioni Generali, and an Italian consortium led by Poste Italiane, sources told Reuters.

Other potential bidders were Axa and Natixis, Macquarie, Allianz and Aberdeen Asset Management.