Pioneer Investments acquisition: Crédit Agricole subscriber in Amundi's rights offering
When it announced its planned acquisition of Pioneer Investments* in December 2016, Amundi also outlined a plan to finance part of this acquisition, priced at just over €3.5 billion, through a rights offering. Amundi recently presented the details of its capital increase, with shareholders' preferential subscription rights maintained, for a gross amount of about €1.4 billion. The negotiation period for preferential subscription rights is 15 – 29 March 2017. The subscription period, exclusively for the French market, is 17 – 31 March 2017. About €1.5 billion of the remaining acquisition price will be financed by Amundi's available equity, and the remainder - about €0.6 billion - through senior and subordinated debt. The Crédit Agricole Group has subscribed to the rights offering, exercising the number of preferential subscription rights needed to reach an approximately 70% stake in Amundi's capital following this operation.
* asset management branch of the UniCredit Group.