Abu Dhabi Sovereign Fund Sells $947 Million Stake in UniCredit

Abu Dhabi sovereign wealth fund Mubadala more than halved its shareholding in Italian bank UniCredit SpA as the holder of about 6% of the world’s oil reserves sells stakes in overseas assets.

The fund’s stake declined to about 2.02% as of Dec. 20, according a filing by the Italian market regulator, down from a 4.99% stake in June, Consob said in a statement late Tuesday. The stake sold by the fund is valued about 850 million euros ($947 million) based on yesterday’s closing price.

Jean Pierre Mustier

Photographer: Hollie Adams/Bloomberg

Abu Dhabi’s fund bought the stake in 2010 as part of its strategy to diversify ...