- Dow Jones
FRANKFURT - Allianz AG Holding plans to take over Dresdner Bank AG to create an all-finance group providing a full range of banking and insurance products, sources familiar with the situation said Wednesday.
Key details of the transaction still need to be worked out, and no contracts have been signed yet, the sources said.
In the deal, they said, Allianz would acquire the roughly 78% of Dresdner it does not already own for a 25% premium above last Friday's closing price. A combined Allianz and Dresdner would be one of the largest asset managers worldwide, said one London-based analyst, who spoke on condition of anonymity.
Spokesmen for Allianz and Dresdner would not comment on a deal.