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UniCredit's top investor ups stake after cash call - report
March 1, 2017 / 6:00 PM / 9 months ago

UniCredit's top investor ups stake after cash call - report

MILAN, March 1 (Reuters) - Capital Research & Management has strengthened its position as the top shareholder in UniCredit and now owns a stake of more than 8 percent in Italy’s biggest bank, La Stampa daily said on its website.

The report said the Los Angeles-based fund had bought into a 13 billion euro ($14 billion) share issue that UniCredit successfully completed this week, in a boost to new CEO Jean Pierre Mustier’s strategy to relaunch the lender.

UniCredit and Capital Research both declined to comment.

The U.S. investment firm held 6.7 percent of UniCredit before the cash call. It would have had to invest more than 1 billion euros to raise its stake above 8 percent, Reuters calculations show.

$1 = 0.9467 euros Reporting by Luca Trogni,

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