Aberdeen drops Pioneer takeover bid over price

No Pot Of Gold

Aberdeen Asset Management abandoned a bid for UniCredit’s Pioneer Global Asset Management because the $3.7bn price was too high, Aberdeen Chief Executive Officer Martin Gilbert said.

"We were through to the second round but we withdrew," Gilbert said Monday in an interview in Dubai. "We couldn’t quite afford the 3.5 billion (euros) that it’s going to go for. I wish we could find something, but there’s nothing at the moment."

Bloomberg News reports that bidders for Pioneer, which manages about $233.4bn, include Amundi and a group that includes Poste Italiane, Anima Holding and Cassa Depositi e Prestiti SpA. Macquarie Group and Ameriprise Financial also made offers, a person familiar with the matter has said.

UniCredit CEO Jean Pierre Mustier is trying to restore confidence in the systemically important lender after a slide in share price eroded more than half the company’s market value this year. As well as selling Pioneer, the bank is considering raising capital in as part of a business plan to be revealed in December. 

To access the complete Bloomberg News article hit the link below:

Aberdeen Drops Pioneer Bid Saying $3.7 Billion Tag Too High

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