Allianz to buy remainder of France's AGF

18 January 2007

German insurance company Allianz, Europe's biggest insurer, has announced that it intends to buy the remaining shares in Paris-based AGF.

Allianz already owns around 58 per cent of AGF, and wants to buy the rest of the company for around $13 billion.

Allianz has stated that AGF has responded "favorably" to the takeover bid, which will involve a complete cross-border merger of AGF and Allianz.

Commenting on the deal, Michael Diekmann, Allianz chief executive, said that AGF constituted a large part of his company's operations in Europe - now the main area of concentration for the company.

"With the transformation of Allianz into a European Company we have made it clear that Europe is our home market," he said.

"The buyout of AGF… will help us create an even stronger platform to serve our European clients and further enhance our operating profitability."

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