By Kimberly Chin

 

UniCredit SpA (UCG.MI) said that it would sell about 8.4% of ordinary shares in Mediobanca - Banca di Credito Finanziario SpA (MB.MI), the equivalent of all of its holdings, to institutional investors.

UniCredit said the placement will help move along the bookbuilding process, which will start immediately.

The proceeds of the sale will be used to reinvest in the development of UniCredit's client businesses, the company said.

American depositary shares of UniCredit shot up 2.2%, to $6.72, in Wednesday trading. Shares have jumped roughly 19% in the year so far.

The company can change the terms or timing of the placement at any time.

Bank of America Corp.'s Securities (BAC), Morgan Stanley (MS) and UniCredit's Corporate and Investment Banking division will act as joint bookrunners of the placement.

 

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

November 06, 2019 14:41 ET (19:41 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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