1023 GMT - French asset manager Amundi is in a position to negotiate favorable outcomes for its partnership with UniCredit in Italy, Deutsche Bank says. Amundi parent Credit Agricole moved to raise its stake in Banco BPM, for which UniCredit launched a takeover bid last month. "While Italy represents only 9% of Amundi's group [assets under management], the partnership with UniCredit is more profitable and represents close to 20% of its net income, in our view, given the proportion of higher retail margin products," analysts Sharath Kumar and Giovanni Razzoli write. Any changes in this distribution agreement--which is due for renewal in 2027--has large implications for Amundi's investment case, they note. Credit Agricole is now in a good position to push for the renewal, giving Amundi a favorable risk reward. Amundi share slip 0.8% and are up 5.3% year to date. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
December 11, 2024 05:23 ET (10:23 GMT)
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