FINANCIAL NEWS

UAE’s Aabar to reach USD2.2b through UniCredit deal

25 Mar 2015

(MENAFN) Abu Dhabi-based Aabar Investments is set to reach USD2.2 billion through initiating exchangeable bonds with Italian UniCredit in order to finance and buy Daimler exchangeable bond, Arabian Business reported.

The UAE firm, which owns 5 percent of UniCredit, announced the selling of two tranches of bonds estimated at USD820.37 million each. The company also said that this amount is subject for an extra USD273.4 million increase.

“Aabar remains fully committed to its long-term investment in UniCredit as underscored by the company’s preference to settle the bonds in cash,” the fund said in a statement, commenting on the firm’s most recent move.

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