Talks between Munich-based insurer Allianz and Paris-based asset manager Amundi over the sale of €500B AUM Allianz Global Investors have broken down, Reuters reported December 8, citing people close to Allianz.
Talks had allegedly been ongoing for several months, as Dakota reported December 5, with Allianz considering a variety of options, including everything from an outright sale to the sale of a majority stake or even a joint venture. Allianz has also reportedly been in separate talks with Deutsche Bank over AGI.
The Financial Times and Bloomberg separately reported that sources close to the institutions said a major point of contention was the proposed structure of the combined entity and the distribution of control. While Allianz reportedly began to consider its options for AIG and its commitment to the space in the wake of AXA’s €5.4B sale of its investment management business to BNP Paribas, a spokesperson for Allianz said in an email statement to Bloomberg that the business line “is strategically integral” to the company.
Sources:
https://www.reuters.com/markets/deals/allianz-amundi-stop-talks-over-combining-asset-management-businesses-source-says-2024-12-08/
https://www.ft.com/content/93b19cbf-e243-4744-a799-a7197b6b3ec2
https://www.bloomberg.com/news/articles/2024-12-07/allianz-pauses-talks-with-amundi-over-control-of-asset-manager
