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MUNICH, Germany Allianz S.E. now holds 92.18% of shares in its French subsidiary Assurances Generales de France, following the closure of a tender offer for the outstanding shares.
AGF holds treasury shares that represent 3.21% of the remaining share capital which leaves minority shareholders with the balance of 4.61%. Allianz plans to launch a so-called "squeeze-out" procedure to acquire the balance now that external shareholders own less than 5% of the total.
"The success of this offer is another step towards the implementation of our strategy to simplify group structures and thereby improve competitive positions, which is also in the interest of our customers," said Paul Achleitner, member of the board of Allianz, in a statement.