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UniCredit, Banco Santander and Sherbrooke Acquisition Corp end Pioneer Santander AM merger talks

UniCredit today announced  that it has agreed with Banco Santander S.A. and Sherbrooke Acquisition Corp SPC to terminate the agreements entered into on 11 November 2015 relating to the business combination of Pioneer Investments and Santander Asset Management (the "Transaction").


The parties held detailed discussions to identify viable solutions to meet all regulatory requirements to complete the transaction, but in the absence of any workable solution  within a reasonable time horizon, the parties have concluded that ending the talks  was the most appropriate course of action.


Further to UniCredit's announcement on 11 July 2016 of a Group-wide strategic review, the results of which will be communicated to the market before the end of 2016, Pioneer will now be included in the scope of the strategic review to explore the best alternatives for all Pioneer stakeholders including a potential IPO. This is to ensure the company has the adequate resources to accelerate growth and continue to further develop best-in-class solutions and products to offer its clients and partners.



Milan, 27 July 2016









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