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Member, Beacon International Group, Ltd.
MUNICH, Germany—Allianz S.E. is delisting from the New York Stock Exchange and four European exchanges to focus on the German marketplace that it said offers the greatest liquidity.
The Munich, Germany-based insurer said it voluntarily will delist its American depositary shares from the NYSE and is delisting from exchanges in London; Milan, Italy; Paris; and Zurich, Switzerland.
Allianz will focus on trading on the Frankfurt Stock Exchange’s Xetra electronic trading platform, the insurer said in a statement. An Allianz spokesman said the insurer’s shares will appear on the Frankfurt exchange and regional German exchanges but will no longer be traded on any exchanges outside the country.
Allianz shares on non-German exchanges accounted on average for less than 5% of the total trading of the insurer’s shares in recent years, despite the fact that around 70% of Allianz shares are held outside of Germany, the statement said.
“Allianz adjusts to international trading practices and by doing so reduces the complexity of its presence in the capital markets,” said Paul Achleitner, member of the board of management at Allianz, in the statement. “The vast majority of international investors already uses our listing in Frankfurt to buy and sell Allianz shares,” he said.