French company Amundi has entered into exclusive talks with UniCredit over the purchase of the Italian group’s asset management subsidiary Pioneer Investments.
In a brief note released on December 5, UniCredit said the talks centre on the “possible sale” of the group with no mention of related costs or length of time before completion.
Amundi had confirmed an interest in Pioneer in October, which followed media speculation that the Paris-based company was offering around €4 billion for the firm. However, Amundi the reported valuation.
Pioneer was believed to be subject to several bids from a range of asset managers. This followed the collapse of a proposed merger between Santander and Pioneer’s asset management arms.
The deal was cancelled in July of this year, as the two companies failed to agree on how to meet regulatory requirements. They had initially agreed to merge in late 2014.