CSFB makes offer for Italian funds unit
Credit Suisse First Boston has offered SFr1.5 billion ($840 million) for the Azimut funds unit of the Bipop-Carire bank, according to an Italian newspaper report.
CSFB’s offer dwarfs five other bids made for the Italian bank’s mature fund-management business, which was put up for sale earlier this month. There was no comment either from CSFB or Bipop-Carire.
Analysts say Bipop’s adviser, Rothschild Italia, presented the offers to the bank’s board on Wednesday.
Bipop is selling Azimut at a time when the bank itself, with a market capitalisation of SFr13.5 billion, is the target of takeover speculation.
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