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Allianz Ag

NEWS
December 22, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
Newport Beach-based Pacific Life Insurance Co., California's largest insurance company, is in talks that could lead to it being sold to German insurance giant Allianz AG for more than $3 billion. The company is Orange County's largest privately held concern and one of its largest employers with 2,200 workers. It is also a leading corporate citizen, overseeing a $2.4 million charitable foundation that has provided support for such events as AIDS Walk Orange County and Race for the Cure.
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BUSINESS
November 2, 1999 | (Edmund Sanders)
William Cvengros, chief executive at Pimco Advisors Holdings, said he will decide by the end of the year whether he will remain with the Newport Beach money manager after Munich, Germany-based Allianz AG acquires a majority stake. Though most other key executives at Pimco have agreed to remain with Pimco after the $3.3-billion deal, Cvengros, 50, is still discussing his future role at the company.
BUSINESS
November 1, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
Pimco Advisors Holdings, one of the world's largest bond managers, agreed Sunday to sell 70% of the company to Europe's second-largest insurer in a $3.3-billion deal that is likely to spur similar marriages between U.S. and foreign financial giants. Ending months of speculation, Newport Beach-based Pimco said it signed a definitive agreement to sell majority ownership to Munich, Germany-based Allianz for $38.75 a unit in cash, valuing the entire company at $4.7 billion.
NEWS
November 1, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
Pimco Advisors Holdings LP, one of the world's largest bond managers, agreed Sunday to sell a 70% stake in the company to Europe's second-largest insurer in a $3.3-billion deal that is likely to spur similar marriages between U.S. and foreign financial giants. Ending months of speculation, Newport Beach-based Pimco said it signed a definitive agreement to sell majority ownership to Munich, Germany-based Allianz AG for $38.75 a unit in cash, valuing the entire company at $4.7 billion. The $3.
BUSINESS
October 15, 1999 | Reuters
Germany's Allianz defended its track record on dealing with Holocaust-era insurance claims as it responded to warnings that the insurer's handling of the issue may derail its proposed takeover of U.S. fund manager Pimco Advisors Holdings. On Wednesday, state Insurance Commissioner Chuck Quackenbush demanded a review of Allianz's proposal. German insurance industry sources said that the state has no legal means to stop the $4.68-billion all-cash deal with Newport Beach-based Pimco.
BUSINESS
October 14, 1999 | Bloomberg News
State Insurance Commissioner Chuck Quackenbush is seeking to use Allianz's possible purchase of Newport Beach-based Pimco Advisors Holdings to force the German insurer to increase cooperation with an international investigation into its debts to Holocaust victims. Quackenbush said in a letter this week to Gov. Gray Davis that Allianz has failed to provide enough information about insurance policies to the International Commission of Holocaust Era Insurance Claims.
BUSINESS
October 14, 1999 | STEPHEN COHEN, BLOOMBERG NEWS
California's insurance commissioner is seeking to use Allianz AG's possible purchase of Newport Beach-based Pimco Advisors Holdings LP to force the German insurer to increase its cooperation with an international investigation into its debts to Holocaust victims. Commissioner Chuck Quackenbush said Tuesday in a letter to Gov. Gray Davis that Allianz has failed to provide enough information about insurance policies to the International Commission of Holocaust Era Insurance Claims.
BUSINESS
October 6, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
Pimco Advisors Holdings, the Newport Beach-based money manager that operates the world's largest bond fund, confirmed Tuesday that it is negotiating to be acquired by German insurance giant Allianz for as much as $4.4 billion. The all-cash transaction would value Pimco at $38 to $39 per unit, or share. That would mean a value of between $4.2 billion and $4.4 billion for all 111.8 million of Pimco's public and private units, the company said.
BUSINESS
July 9, 1999 | From Times Staff and Wire Reports
Officials at U.S. fund manager Pimco Advisors Holdings and German insurance giant Allianz confirmed Thursday that they had held talks, but they played down speculation that the German group is poised to acquire Pimco. Both companies stressed that a linkup is just one of the options they are considering. "We've been approached over the last few years by a number of potential suitors and we ain't married yet," said Lee Thomas, a Pimco managing director and chief portfolio manager.
BUSINESS
July 9, 1999 | From Times Staff and Wire Reports
Officials at U.S. fund manager Pimco Advisors Holdings and German insurance giant Allianz AG confirmed Thursday they had held talks, but played down speculation that the German group was poised to acquire Pimco. Both companies stressed a linkup was just one of the options they were considering. "We've been approached over the last few years by a number of potential suitors, and we ain't married yet," said Lee Thomas, a Pimco managing director and chief portfolio manager.
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