By Sarah Sloat 
 

UniCredit SpA (UCG.MI) said late Wednesday that it sold its 8.4% stake in Mediobanca-Banca di Credito Finanziario SpA (MB.MI) for gross proceeds of about 785 million euros ($869.6 million).

The bookbuilding process set a per-share price of EUR10.53, the Italian bank said. The placement of about 74.5 million ordinary shares represents UniCredit's entire shareholding in Mediobanca.

UniCredit expects the transaction to be largely neutral in terms of its CET 1 capital ratio, a measure of capital strength.

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

 

Write to Sarah Sloat at sarah.sloat@wsj.com

 

(END) Dow Jones Newswires

November 07, 2019 01:15 ET (06:15 GMT)

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