Pioneer Investments Auction On Hold Until September
UniCredit Group's possible sale of Pioneer Investments has been slowed by accounting issues, peHUB has learned. UniCredit, an Italian bank, originally announced in May that it had hired BoA to consider alternatives for Pioneer, including a possible sale. Conventional wisdom was that the process would commence almost immediately, but now we hear that blue books won't be printed until PwC completes an audit of Pioneer's financials. Specifically, sources say that UniCredit did not have broken-out financials for Pioneer's U.S. business. "The accounting firm needs to come in and restate financials to reflect the true costs and profits (if any) of the European business," one person said.
9 July 2010•2 mins read
