Nov 21 Aberdeen Asset Management's chief
executive said Italian bank UniCredit had priced its
Pioneer fund unit too high at 3.5 billion euros ($3.7 billion),
prompting the British firm to drop a takeover bid, Bloomberg
reported on Monday.
Martin Gilbert said the firm was through to the second
round, but "couldn't quite afford" the price tag, Bloomberg
Gilbert told Reuters last week that Aberdeen had bid for
Pioneer, but had decided not to proceed.
"I think we felt we weren't going to win so it was better to
withdraw graciously," Gilbert told Reuters.
Reuters reported this month that UniCredit had received four
binding offers for Pioneer, including from a consortium led by
Italy's post office, France's Amundi, Australia's
Macquarie and U.S.-based Ameriprise Financial,
valuing the business at more than 3 billion euros.
UniCredit, which is reportedly aiming to take a final
decision on the buyer by Dec. 10, is looking to sell the asset
manager and other businesses to boost its stretched capital.
Pioneer is Europe's sixth-largest asset manager with assets
under management of around 225.8 billion euros.
Aberdeen did not immediately respond to a request for
additional comment on Monday, while a spokeswoman for Pioneer
said the company did not comment on market rumours.
($1 = 0.9405 euros)
(Reporting by Noor Zainab Hussain in Bengaluru; Additional
reporting by Stanley Carvalho in Dubai; Editing by Susan Fenton)