Allianz submits AGF public takeover bid to French authorities

22nd February 2007, Comments 0 comments

MUNICH, Germany, Feb 22, 2007 (AFP) - German insurance giant Allianz said on Thursday that it had submitted its takeover bid to buy out the minority shareholders in French subsidiary AGF to the French stock market authorities.

MUNICH, Germany, Feb 22, 2007 (AFP) - German insurance giant Allianz said on Thursday that it had submitted its takeover bid to buy out the minority shareholders in French subsidiary AGF to the French stock market authorities.

"We have filed the draft tender offer for all outstanding shares in AGF with the Autorite des Marches Financiers (AMF)," Allianz said in a statement.

The offer will run from March 23 to April 20, the German group's finance chief Paul Achleitner told Allianz's annual earnings news conference here.

The results of the tender offer would then be published between May 7-9.

Allianz said it would pay 0.95 euro per share more than originally planned for the outstanding AGF shares.

The German group had announced in January that it planned to pay 87.50 euros (115 dollars) plus 0.25 Allianz share for every share it did not already hold in AGF.

With 41 percent of AGF's share capital to be acquired that represented a total purchase price of 9.8 billion euros.

Copyright AFP

Subject: French news

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