French asset manager Amundi is interested in acquiring Italy’s Arca SGR, according to the local trade press.
The French asset manager launched its IPO a month ago and raised €1.67bn.
Amundi has already shown interest in the Italian market in the past, when it tried to buy Pioneer Investments from the UniCredit Group.
However, the French manager is not the only one to have an interest in Arca SGR. Italy’s independent asset manager Anima Holding and US investment firm Atlas Merchant Capital are also bidding for the acquisition of the popolari-owned asset manager.
A non-binding bid was presented by Anima Holding for 100% of Arca, valuing the rival at between €700-€800m.
US investment firm Atlas Merchant Capital, launched by former Barclays boss Bob Diamond, instead valued Arca at around €1bn.