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Germans unravel share holdings.
(From Insurance Day)
Byline: Adrian Ladbury
THE unravelling of cross-shareholdings between the German insurance and banking sectors continued last week as Munich Re reduced its stake in Germany's second largest bank HypoVereinsbank (HVB), the bank confirmed it had cut its stake in Munich Re to below 10% and has also sold its holdings in Allianz.
Allianz also confirmed that it will cut its stake in Munich Re to below 10% tomorrow as the pair of Munich-based insurance giants follow an agreed plan to reduce their respective shares.
Allianz's reduction in Munich Re comes through the redemption of its Miles bond which is being paid back partly in Munich Re shares and for which the price was set last week.
The transaction should close tomorrow and leave Allianz with 9.4% of Munich Re.
Allianz last cut its stake in Munich Re last autumn when it did not take up its rights in the reinsurance company's rights issue and at that point was left with 12.5%.
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