Libya's central bank agreed to buy an extra €250m ($326m) of convertible bonds issued by UniCredit, potentially making it the biggest shareholder in the Italian bank.
The move makes the Libyan government agency a potentially crucial actor in a clash between management at UniCredit and its largest existing Italian shareholder.
UniCredit is looking to boost its balance sheet in the teeth of the global financial crisis. But it has lost the support of the Cariverona Foundation, which owns a 6 per cent stake and stunned investors last week by saying it would not subscribe to its €3bn bond issue.
No comments:
Post a Comment