Allianz mulls buying QBE

AFP, FRANKFURT AM MAIN:  German insurance heavyweight Allianz is interested in buying Australian competitor QBE, German business daily Handelsblatt reported yesterday, although the second company denies talks are going on.
Chief executive Oliver Baete met with QBE counterpart John Neal in late December to discuss a possible tie-up, the newspaper reports, citing financial industry sources.
Allianz could offer as much as Aus$15 (10.60 euros, $11) per share, the sources told Handelsblatt, a 20-percent markup on QBE’s price in Sydney on Friday that would value the firm at Aus$20 billion—around 14 billion euros.
The Baete-Neal meeting was “friendly”, the paper adds, but there is no concrete offer on the table from Allianz so far.
In a brief statement Monday, QBE said “it is not in discussions with Allianz or any other potential buyer”.

 

Allianz mulls buying QBE

AFP, FRANKFURT AM MAIN: German insurance heavyweight Allianz is interested in buying Australian competitor QBE, German business daily Handelsblatt reported yesterday, although the second company denies talks aregoing on. Chief executive Oliver Baete met with QBE counterpart John Neal in late December to discuss a possible tie-up, the newspaper reports, citing financial industry sources. Allianz could offer as much as Aus$15 (10.60 euros, $11) per share, the sources told Handelsblatt, a 20-percent markup on QBEs price in Sydney on Friday that would value the firm at Aus$20 billionaround 14 billion euros. The Baete-Neal meeting was friendly, the paper adds, but there is no concrete offer on the table from Allianz so far. In a brief statement Monday, QBE said it is not in discussions with Allianz or any other potential buyer.