Allianz/AGF Minority retort

Allianz has been outsmarted by the market in its E10bn offer for the minorities in its French AGF business. Investors have seen purchase of the 42% stake coming ever since the German insurer bought out the minorities in its Italian unit, RAS, in 2005 and expanded its «home market» from Germany to Europe. Since then, AGF shares are up more than 75%. Sure, AGF’s European peers have also seen their shares rise, but not as rapidly. Even after factoring out the sector’s rise, Allianz is effectively ...