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UniCredit in exclusive talks with Prelios-Fortress over bad bank sale - source

Reuters

MILAN (Reuters) - UniCredit (CRDI.MI) has started exclusive talks with a consortium comprising U.S. Fortress Investment Group (FIG.N) and Italy's Prelios (PCRE.MI) to sell debt recovery unit UCCMB, a source close to the matter told Reuters on Friday.

The sale, which could raise more than 600 million euros (472.4 million British pounds, would be the biggest transaction on distressed debt signed in Italy for several years after other Italian lenders scrapped similar deals some months ago.

UniCredit chose the Fortress-Prelios consortium ahead of a rival bid from a team of investors led by Lone Star.

(Reporting by Gianluca Semeraro, writing by Francesca Landini, editing by Emilio Parodi)