With deals on both sides of the Atlantic, Allianz Group of Germany is poised to become a global player in insurance and asset management, with a substantial presence in the U.S. market.

Under the proposed $29 billion merger of Deutsche Bank and Dresdner Bank, the Munich insurance company would reduce its holdings in both German banking companies and use the proceeds to acquire Deutsche Bank's European mutual fund business, DWS, along with its life insurance unit, Deutscher Herold.

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