Allianz plans to buy rest of Euler Hermes for $2.2 billion

Germany’s biggest insurer Allianz plans to buy the shares in French credit insurance firm Euler Hermes it does not yet own for around ^1.85 billion ($2.2 bn). Allianz said on Monday that it struck a deal to buy 11.3 per cent of Euler Hermes’ stock for ^122 per share in cash, taking its holding to 74.3 per cent of shares. It plans to make a public takeover offer for the remaining stock, excluding treasury shares, at the same price, a 21 percent premium to Friday’s closing price.