Allianz rejects Chinese conglomerate bid - reports

Conglomerate has been moving quickly, becoming largest shareholder in bank months ago

Allianz rejects Chinese conglomerate bid - reports

Insurance News

By Terry Gangcuangco

German daily Sueddeutsche Zeitung (SZ) reports that Allianz has been approached by Chinese conglomerate HNA Group, which has been on a shopping spree since last year. Its answer, however, was “no”, unlike in Deutsche Bank’s case – HNA became its biggest shareholder about four months ago.

According to both Bloomberg and Reuters, the newspaper did not cite its source for the information but the report said HNA was interested in becoming Allianz’s anchor shareholder, and even majority shareholder if possible.  

Here are the reported reasons for the refusal:
  • Sovereign wealth fund China Investment Corp., an Allianz stakeholder, was consulted – apparently it wasn’t a yes; and
  • German authorities themselves are not too happy with the prospect, according to SZ.

Last June at the 12th Annual China-EU Business Summit in Brussels, HNA chairman Chen Feng delivered the keynote address and discussed “mutually beneficial” results. The Chinese firm said it is involved in almost 20 projects across tourism, logistics, and financial services in Europe.

“HNA Group is committed to maintaining its investment in Europe, increasing cultural exchanges between the East and West, and helping expedite Chinese-EU trade relationships,” said the conglomerate on its website. Its total investment in the region is over $12 billion.

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