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Abu Dhabi wealth fund Mubadala cuts stake in Italy's UniCredit

Abu Dhabi's sovereign wealth fund Mubadala Investment Co. PJSC cut its ownership in Italy's UniCredit SpA by more than half to roughly 2.02% from 4.99%, Bloomberg News reported Jan. 8, citing a filing by Italian market regulator Consob.

The sold shares are worth about €850 million based on the Jan. 7 closing price, the newswire said, adding that the fund had initially purchased its stake in the Italian lender in 2010 when it was valued at roughly €1.8 billion.