Breaking

U.S. Natural Gas Futures Drop Below $3 for First Time Since 2012
Tweet TWEET

Allianz Buys $855 Million China Pacific Insurance Stake From Carlyle Group

Allianz SE, Europe’s biggest insurer, said it bought $855 million of China Pacific Insurance (Group) Co. H shares from Carlyle Group.

Allianz now owns 240 million H shares in China Pacific, representing a 10.4 percent holding in that class, the Munich- based company said today in an e-mailed statement. The stake equates to a 2.8 percent position in CPIC’s total outstanding shares, Allianz said.

This acquisition follows an investment of $150 million by the German insurer in China Pacific’s H share initial public offering in December 2009, Allianz said.

Allianz Chief Executive Officer Michael Diekmann said the increased holding is part of his company’s “long-term investment” in China Pacific, China’s third-largest insurance company.

Carlyle sold 215.8 million China Pacific shares for HK$31.15 each, according to a term sheet obtained by Bloomberg News on Dec. 31. The H shares closed yesterday in Hong Kong at HK$33.45 each.

To contact the reporter on this story: Dick Schumacher in London at dschumacher@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.