Allianz Aiming For IPO In Shanghai- Newspaper
November 02 2011 - 5:04AM
Dow Jones News
German insurer Allianz SE (ALV.XE) is aiming for an initial
public offering in Shanghai, as soon as the trading center opens
itself to foreign issuers and eases its strict control on capital
movements, German daily Handelsblatt reported Wednesday, citing
Allianz Chief Executive Michael Diekmann.
"If the (necessary) conditions are fulfilled, we're very
interested in a listing," he is quoted as saying by the newspaper
at a conference in Shanghai.
The prerequisite isn't only that Shanghai opens itself to
foreign issuers, as it has announced, but that the generated
proceeds can be used outside of China, Diekman told the
newspaper.
The German company would use the proceeds to finance the
expansion of its insurance business in China and other countries,
the report adds.
Newspaper website: www.handelsblatt.com
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.