Allianz To Delist From NYSE, Some European Exchanges
22 Settembre 2009 - 10:16AM
Dow Jones News
Allianz SE (AZ), Europe's largest primary insurer by gross
premium income, Tuesday said it would delist from the New York
Stock Exchange and other European stock exchanges in a move to
reduce reporting complexities.
The U.S. delisting will affect its American Depositary Shares
and 8.375% undated-subordinated callable bonds for which the last
trading day will likely be around Oct. 23, Allianz said.
Subsequently, it will also delist ordinary shares on the London,
Milan, Paris and Swiss stock exchanges to focus on the Frankfurt
Xetra trading platform as the market with the highest liquidity,
used by the majority of international investors.
Allianz said the decision won't affect its strategy nor its
geographic presence in markets, but that it is an adjustment to
international stock trading practices.
"Allianz adjusts to international trading practices and by doing
so reduces the complexity of its presence in the capital markets,"
Chief Financial Officer Paul Achleitner said. "The vast majority of
international investors already uses our listing in Frankfurt to
buy and sell Allianz shares."
Allianz noted that in recent years, trading of Allianz shares on
non-German stock exchanges accounted on average for significantly
less than 5% of the total trading of Allianz shares, despite the
fact that approximately 70% of Allianz shares are held by investors
outside of Germany.
The delistings are likely an efficiency-boosting measure as they
will reduce reporting requirements, said Merck Finck analyst Konrad
Becker, who rates the share at buy.
The fact that less than 5% of shares was traded outside Xetra
despite the majority of foreign shareholders signals that the U.S.
listing likely didn't meet expectations such as broadening the
shareholder base, raising attention for the share and using the
share as acquisition currency, Becker said.
He said the decision will concentrate liquidity and raise the
trading volume on Xetra, but said the impact would be limited.
The decision doesn't mean that Allianz will exit from the U.S.
market, but it could encourage other players to rethink their U.S.
listing, Becker said.
Company Web site: www.allianz.com
-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500;
ulrike.dauer@dowjones.com