Italian banks UniCredit and Intesa Sanpaolo have announced that they have sold their combined 11.5 per cent stake of market operator London Stock Exchange (LSE).
The banks made the transaction via an "accelerated bookbuild" at 960p per share, a discount to Tuesday's closing price. The Italian banks aim to divest non-strategic assets in order to increase capital resources.
UniCredit had a 6.1% stake and Intesa had a 5.4% stake as the third- and fourth-largest shareholders of LSE. The two Italian banks had been shareholders since LSE acquired Borsa Italiana in 2007.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Intesa said that it generated a capital gain of €105m while UniCredit said it generated a gain of €120m.
The announcement drove shares of LSE lower on Wednesday; by 9:51, they were down 7.39% at 945.5p.
MG
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
