Italian bank acquires Pioneer Group

By Our Corporate Reporter

CHENNAI, MAY 16. The Pioneer Group Inc. of the U.S. and UniCredito Italiano group, Italy's second largest banking group, have announced a definitive agreement under which the latter will acquire all the outstanding shares of The Pioneer Group for $43.50 per share in cash.

Upon completion of the transaction, Pioneer and EuroPlus Research and Management (UniCredito's existing asset management division) with operations in Dublin and Milan, will combine to form a powerful global investment company with assets under management of over $100 billion, according to a press release from Kothari Pioneer Asset Management Company.

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Section  : Business
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