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MUNICH, GermanyAllianz S.E. has raised its stake in its life insurance unit Allianz Leben to 92.58%, from 91.03%, the German insurer said Tuesday.
Allianz's stake, however, remains below the 95% level required for a squeeze-out of the remaining minority shareholders pursuant to the German Stock Corporation Act, the company said in a news release.
"The fact that a squeeze-out is not possible at Allianz Leben does not restrict our position under corporate law," said Karl-Hermann Lowe, Allianz Deutschland AG's chief financial officer.
He added that Allianz would not make a new tender offer to those shareholders.
"Allianz Leben was successful on the market with this shareholder structure in the past and will continue to be so in the future," he said.