Allianz's Munich Re stake falls to around 5 pct from 9.4 pct on bond redemption |
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Published
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Mon, 29 Jan 2007 08:45
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MUNICH (AFX) - Allianz SE said the early redemption of 64.35 pct of a bond exchangeable into Munich Re shares will reduce its stake in the reinsurer to about 5 pct from its current 9.4 pct level.The number of outstanding bonds will remain unchanged, meaning that each outstanding bond will be reduced to 35.65 pct of its original value.An exchangeable notice was published today in Luxembourg and the delivery of the Munich Re shares will take place on March 9.The number of Munich Re shares used to redeem the bond will be based on the averages of the DAX index and the Munich Re share price during a 20 day reference period stretching from Feb 1 to Feb 28.The redemption value will be fully hedged with forward contracts, so Allianz expects the partial redemption will not affect Munich Re's share price.newsdesk@thomson.commog/amk/jfr/amk/rarCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Allianz to buy out AGF, Allianz Leben minorities; cash portion 7.5 bln eur 