(Adds quotes from sources, details)
By Maria Pia Quaglia and Paola Arosio
MILAN, Sept 12 Poste Italiane is
considering making a joint bid with Anima Holding and
state-controlled bank Cassa Depositi e Prestiti for UniCredit's
asset manager Pioneer Investments, several sources
close to the matter said on Monday.
UniCredit, Italy's biggest bank, wants to sell part or all
of Pioneer as part of a broader strategy to boost its capital.
It aims to raise 3 billion euros ($3.4 billion) from the deal,
said one of the sources.
"With Pioneer, Poste would complete its range of products
and ... Anima could bring its management skills," said another
The acquisition of Pioneer would further broaden the range
of investment products offered by the 13,000 branches of Poste
Italiane, which already manages 75.5 billion euros in
savings held by its customers.
The structure of the offer for Pioneer still has to be
defined and will be designed to maintain the current credit
rating of Poste Italiane, said three of the sources.
Pioneer is the third-largest asset manager in Italy with
144.4 billion euros in assets under management, followed by
Poste Italiane in fourth position and Anima in fifth, with 71
Anima and UniCredit declined to comment while Poste Italiane
was not immediately available for comment.
Expression of interests for Pioneer are due on Sept. 19 and
binding offers should be presented by end-October, sources said.
Poste Italiane already owns 10.3 percent of Anima Holding,
with which it developed investment funds that it has been
selling since January.
State lender Cassa Depositi e Prestiti owns 35 percent of
Poste Italiane, and a 30 percent stake is held by the Italian
($1 = 0.8916 euros)
(Additional reporting by Francesca Landini and Gianluca
Semeraro; Editing by Greg Mahlich)