UniCredit Board To Prepare Bank Of Italy Reply On Libya Stake Sep 30
09 September 2010 - 4:23AM
Dow Jones News
The board of UniCredit SpA (UCG.MI) will meet Sept. 30 to
prepare and approve the necessary documentation requested by the
Bank of Italy on the Libyan investments in the bank.
In an emailed statement, UniCredit said that its governance
committee met Wednesday and discussed the recent stake acquisition
of Libya's sovereign fund, Libyan Investment Authority, or LIA.
UniCredit also said that its chairman, Dieter Rampl, will seek
all the "necessary insight" into the Libyan stake in order to
provide full information to the members of the board.
Libya Investment Authority, in a surprise move in August,
announced it had acquired a 2.08% UniCredit stake.
According to Italian market watchdog Consob's website, the
Libyan fund acquired the stake at the end of July, just a few days
before the UniCredit board met. Rampl criticized UniCredit Chief
Executive Alessandro Profumo for not having informed him and the
board of the Libyan move. Profumo said Monday that he didn't invite
the LIA to invest in the Milan-based lender, saying that it had
acted independently.
-By Sabrina Cohen, Dow Jones Newswires; +39 02 5821 9906;
sabrina.cohen@dowjones.com