IPIC posts a loss after write down of stake in Unicredit
Abu Dhabi’s sovereign wealth fund International Petroleum Investment (IPIC) posted a loss of USD91mn for 1H16. IPIC had posted a profit of USD1.25bn a year ago. IPIC took a hit on its 5% stake in Italy’s Unicredit, whose stock declined 62% in the first six months of the year. IPIC is merging with Abu Dhabi’s Mubadala Development to create an entity with USD125bn in assets and debt of about USD42bn. (Bloomberg)
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