Azimut not up for sale
Azimut [BIT: AZM], the listed Italian asset management group, is not up for sale, reported Il Sole 24 Ore quoting Chief Executive Pietro Giuliani.
Yesterday, Timone Fiduciaria, the holding company that is formed by the management of Azimut, announced it has reached a 15% stake in Azimut. The report said that the total value for the stake is EUR 34m, of which EUR 5m will be invested by Giuliani
In a long interview with Il Sole, Giuliani said that this is not a prelude to a sale and that the company will continue to make buys. When asked whether Azimut could also look at a bigger player such as Banca Generali, Giuliani said that the size is not an issue and a couple of years ago the company was looking at buying Pioneer from Unicredit. The company is likely to close 1H17 with normalized earnings of EUR 120m