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Tue 2 Nov 2010 10:48 AM

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Abu Dhabi's Aabar to sell Atlantia stake for $448m

Abu Dhabi government-controlled company plans to sell its stake in Italian firm for €321m

Abu Dhabi's Aabar to sell Atlantia stake for $448m
STAKE SALE: Aabar entered into sale and purchase deals for the sale of its entire 3.3 percent stake in Atlantia for an aggregate purchase price of €321m

Abu Dhabi state-owned fund Aabar Investments is to sell its 3.3 percent
stake in Italian motorway operator Atlantia for €321m ($448m) to an unnamed
buyer, a preliminary bond prospectus showed.

Aabar, majority-owned by Abu Dhabi's International Petroleum Investment
Corporation (IPIC), bought the stake in Atlantia for €250m from
Italian bank UniCredit in December 2008.

"Completion of the sale is expected shortly subject to closing
conditions," the prospectus from IPIC said.

IPIC, which owns 86.2 percent of Aabar, picked six banks to undertake a
fixed income roadshow in Asia, Europe, the United States and United Arab
Emirates, a source told Reuters last week.

Aabar, the largest shareholder in German automaker Daimler, in June bought a
4.99 percent stake in UniCredit, which at that time was worth about $2.5bn.

Aabar converted to a private joint stock company in August after delisting
from the Abu Dhabi bourse. It reported a second-quarter loss of $376m.

The bond prospectus also said IPIC's net profit for the six months to
end-June fell 86 percent to $414m.

IPIC said it incurred losses on derivative and non-derivative financial
instruments totalling about $1.45bn during the period, mainly relating to its
investment in Daimler. ($1 = €0.7158)


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