Abu Dhabi Sovereign Fund Sells $947 Million UniCredit Stake - Bloomberg:
Abu Dhabi sovereign wealth fund Mubadala more than halved its shareholding in Italian bank UniCredit SpA as the holder of about 6% of the world’s oil reserves sells stakes in overseas assets.
The fund’s stake declined to about 2.02% as of Dec. 20, according a filing by the Italian market regulator, down from a 4.99% stake in June, Consob said in a statement late Tuesday. The stake sold by the fund is valued about 850 million euros ($947 million) based on yesterday’s closing price.
Representatives for Mubadala and UniCredit declined to comment.
Abu Dhabi’s fund bought the stake in 2010 as part of its strategy to diversify investments from the emirate’s oil-based economy. At the time, the holding was valued at about 1.8 billion euros. The fund, started as a means of diversifying the economy by attracting expertise and jobs to the emirate, is now a global investing powerhouse. The fund has invested in Greek fish farming, Europe’s biggest electric-scooter-sharing company and a Canadian data center.
No comments:
Post a Comment