Fri Mar 11, 2011 12:46pm GMT
MILAN (Reuters) - UniCredit SpA will freeze the rights of Libyan shareholders, the largest combined stockholder bloc, in light of European Union (EU) sanctions, the Italian bank said on Friday.
The Central Bank of Libya owns almost 5 percent of UniCredit, Italy's biggest bank, and its chief is a vice chairman. The Libyan Investment Authority (LIA) holds 2.6 percent.
The EU added five financial institutions, including the central bank and the LIA, to its sanctions list on Thursday in a move to force out Libyan leader Muammar Gaddafi.
"In light of the resolutions by the EU published today, UniCredit announces that -- with regard to is Libyan shareholders -- the exercise of the rights attached to the relevant shares will be frozen in compliance with such resolutions," UniCredit said in an e-mailed statement.
Italy has extensive business and investment ties with Libya, with oil company Eni the biggest foreign operator in the North African country.
Among other holdings, LIA has a 2.01 percent stake in defence and aerospace company Finmeccanica SpA. The Libyan Arab Foreign Investment Co holds less than 2 percent of automaker Fiat SpA and 7.5 percent of the Juventus soccer club.
Shares in UniCredit were down 0.56 percent at 1.781 euros at 1105 GMT, in line with the STOXX Europe 600 banking index.(sourced:Thomson Reuters)
Tags : The Libyan Arab Foreign Investment Co, The Libyan Arab Foreign Investment Co,
The Central Bank of Libya owns almost 5 percent of UniCredit, Italy's biggest bank, and its chief is a vice chairman. The Libyan Investment Authority (LIA) holds 2.6 percent.
The EU added five financial institutions, including the central bank and the LIA, to its sanctions list on Thursday in a move to force out Libyan leader Muammar Gaddafi.
"In light of the resolutions by the EU published today, UniCredit announces that -- with regard to is Libyan shareholders -- the exercise of the rights attached to the relevant shares will be frozen in compliance with such resolutions," UniCredit said in an e-mailed statement.
Italy has extensive business and investment ties with Libya, with oil company Eni the biggest foreign operator in the North African country.
Among other holdings, LIA has a 2.01 percent stake in defence and aerospace company Finmeccanica SpA. The Libyan Arab Foreign Investment Co holds less than 2 percent of automaker Fiat SpA and 7.5 percent of the Juventus soccer club.
Shares in UniCredit were down 0.56 percent at 1.781 euros at 1105 GMT, in line with the STOXX Europe 600 banking index.(sourced:Thomson Reuters)
Tags : The Libyan Arab Foreign Investment Co, The Libyan Arab Foreign Investment Co,
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