By Anthony Shevlin

UniCredit SpA (UCG.MI) said Tuesday that it has started the placement of its entire shareholdings in ERG SpA (ERG.MI) through an accelerated book-building procedure.

The Italian company said the sale of the shares was equal to around 4% of ERG's ordinary share capital and that bookbuilding will commence immediately.

The value of the shares would be EUR120.6 million ($148 million) based on ERG's closing share price of EUR20.06 on Tuesday.

UniCredit said the shares will be offered to certain Italian qualified and international institutional investors.

Citigroup, Morgan Stanley and UniCredit Corporate & Investment Banking have been appointed by UniCredit to act as joint bookrunners of the placement.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

April 10, 2018 13:07 ET (17:07 GMT)

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