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Report: Initial tentative offers for FinecoBank stake below UniCredit's valuation

UniCreditSpA is carrying out informal discussions with a number of banksregarding a potential sale of online lender FinecoBank SpA, for which the Italian lender is hopingto fetch no less than €2.5 billion, Reuters reported Oct. 7, citing "twosources."

Banca GeneraliSpA, Intesa SanpaoloSpA and BNP ParibasSA, among others, were the lenders reportedly approached byUniCredit. However, all parties are far apart on the price for the business,with initial tentative offers coming in at about €2 billion, according to oneof the sources. The sources noted that there is no certainty a deal will takeplace, adding that UniCredit is looking to fill its capital gap, which is estimated to be as muchas €8 billion.

A spokesman for Intesa Sanpaolo denied any interest inFinecoBank, and so did Banca Generali General Manager Gian Maria Mossa inan interview with Il Sole 24 Ore.Generali, which owns BancaGenerali, is wary of M&A deals, with shareholders not particularlyinterested in high-priced transactions, according to one of the sources.

FinecoBank, in which UniCredit has a 55.4% stake, has atotal market value of close to €3.1 billion, according to Reuters.