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Allianz tipped to buy The Hartford
03 November 2008
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The $2.5bn investment by Europe's largest insurer Allianz in US insurer The Hartford Financial Services Group, announced on October 6, increases the likelihood that the German insurer may acquire The Hartford. The investment came after a difficult week for The Hartford, during which it lost almost $9bn of its market value as its share price plummeted 52% to $27.40 a share on October 3 from $56.64 a share at close on September 26.
Allianz will buy, at $31 a share, $750m of preferred shares and $1.75bn of 10% junior subordinated debentures. Allianz will also receive warrants that entitle it to purchase $1.75bn of common stock at an exercise price...
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