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MUNICH, GermanyAllianz A.G., based in Munich, Germany has reached an agreement with employee representatives that allows the company to proceed with its planned merger with its Italian subsidiary RAS Holding S.p.A. and its conversion into a Societas Europaea.
In what Allianz claimed in a statement was the last "important hurdle", the agreement with employees clears the way for Allianz to take on the legal form of a European company, expected in mid-October.
Paul Achleitner, member of the board of Allianz AG said in a statement: "With this agreement, we have achieved a breakthrough for the establishment of a Societas Europaea. We will base our corporate governance on a new European foundation," he added.
The German group signed an agreement in Munich that will give European employee representatives a place on the company's supervisory board. When Allianz transforms into a Societas Europaea, its supervisory board will be smaller and more international, the company said in a statement.
In June, Allianz announced details of its restructuring plan that will lead to job cuts of around 5,000 at Allianz Deutschland A.G. and 2,480 at Dresdner Bank.
The reduction in head count was part of the company's "3+One" program, under which Allianz will simplify its group structure in a bid to reduce cost.