ROME -- The head of Libyan Investment Authority said on Thursday that his fund and Italy's Mediobanca SpA are planning to launch a new joint fund of up to $500 million aimed at taking stakes in distressed Italian firms.
Abdulhafid Zlitni, who is also Libya's minister of planning, said in an interview that he had reached a preliminary deal during a meeting with Mediobanca Chairman Cesare Geronzi in Rome earlier in the day.
The two sides are still in talks over how the fund will be structured, and a final deal still needs to be signed, added Mr. Zlitni, who was speaking after having dined over pasta and seafood with Mr. Geronzi and Alessandro Profumo, chief executive of UniCredit SpA, Italy's second largest bank.
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