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Allianz abandons overseas listings
Source: Agencies |
September 23, 2009, Wednesday
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Print Edition
Print Edition
GERMAN insurer Allianz SE said yesterday it was to abandon its listing on the New York Stock Exchange, and others, to reduce complexity.
The Munich-based company said it had already filed a written notice to the NYSE and would inform exchanges in London, Milan and Paris and the Swiss Exchange in due course.
The company said trading on foreign exchanges amounted to less than 5 percent of the total trading of Allianz shares in recent years, despite the fact that about 70 percent of the company's stock is held by investors outside Germany.
The company said it will focus its trading mainly on Frankfurt's Xetra platform and said the move will have no impact on the strategic orientation of Allianz and shouldn't affect its presence on markets outside Germany.
"Allianz adjusts to international trading practices and by doing so reduces the complexity of its presence in the capital markets," Allianz board member Paul Achleitner said. "The vast majority of international investors already uses our listing in Frankfurt."
The Munich-based company said it had already filed a written notice to the NYSE and would inform exchanges in London, Milan and Paris and the Swiss Exchange in due course.
The company said trading on foreign exchanges amounted to less than 5 percent of the total trading of Allianz shares in recent years, despite the fact that about 70 percent of the company's stock is held by investors outside Germany.
The company said it will focus its trading mainly on Frankfurt's Xetra platform and said the move will have no impact on the strategic orientation of Allianz and shouldn't affect its presence on markets outside Germany.
"Allianz adjusts to international trading practices and by doing so reduces the complexity of its presence in the capital markets," Allianz board member Paul Achleitner said. "The vast majority of international investors already uses our listing in Frankfurt."
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