Deals
Abu Dhabi Sovereign Fund Sells $947 Million UniCredit Stake
- Mubadala cuts stake in UniCredit to about 2% from almost 5%
- Abu Dhabi fund has been selling stakes in some fund assets
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Abu Dhabi sovereign wealth fund Mubadala more than halved its shareholding in Italian bank UniCredit SpA as the holder of about 6% of the world’s oil reserves sells stakes in overseas assets.
The fund’s stake declined to about 2.02% as of Dec. 20, according a filing by the Italian market regulator, down from a 4.99% stake in June, Consob said in a statement late Tuesday. The stake sold by the fund is valued about 850 million euros ($947 million) based on yesterday’s closing price.