Aabar acquires 4.99% of Italy’s UniCredit
25 Jun 2010
(MENAFN) Abu Dhabi-listed company, Aabar Investments, announced recently that it has acquired a 4.99 share in one of Europe’s most profitable banks, the Milan-based UniCredit, Gulf News reported.
Aabar chief executive Mohammad Badawy Al Hussaini said that the acquisition is part of the company’s strategy to invest in financial services and diversify its holdings in this sector.
Aabas did not reveal to to the Abu Dhabi Securities Exchange (ADX) how much it paid for the shareholding; however, the value works out to 1.84 billion euros at the
latest market price of UniCredit’s stock. It is worth mentioning that Aabar is seeking to become the first local firm to delist from the ADX
With this acquisition, Aabar has become the second-largest shareholder in Unicredit after Mediobanca.