May 6, 2000 |
Germany's Allianz AG completed the $3.3-billion purchase of 70% of Newport Beach money manager Pimco Advisors Holdings on Friday. The all-cash acquisition makes Allianz, Europe's second-biggest insurer, the world's sixth-largest money manager, with $650 billion worth of investments under management. Pimco manages the world's biggest bond mutual fund, the $29-billion Pimco Total Return Fund. Pimco Advisors will operate as a subsidiary of the Munich company's U.S.
April 29, 2000
Newport Beach asset manager Pimco Advisors Holdings LP said Friday it has received majority approval from unit holders to complete the $3.3-billion sale of 70% of the company to Allianz AG in Munich, Germany. The transaction is expected to close Friday. Pimco is one of the largest investment management companies in the United States, with more than $260 billion in assets under management.
February 26, 2000 |
Pimco Advisors Holdings LP, the biggest U.S. bond fund manager, delayed until April 28 its vote on Allianz AG's $3.3-billion offer to buy 70% of the company, said Ken Poovey, Pimco's chief operating officer. Shareholders of the Newport Beach company had been scheduled to vote March 24, but Pimco postponed the vote because of a delay in comments on the proposed purchase by the U.S. Securities and Exchange Commission, Poovey said. Allianz, based in Munich, Germany, is Europe's largest insurer.
January 27, 2000
The Newport Beach company that controls the nation's biggest bond fund manager said costs related to its pending acquisition by Allianz AG caused its fourth-quarter profit to fall 8.8% to $18.6 million, or 35 cents a unit, from $20.4 million, or 40 cents a unit, in the same quarter the previous year. Before the charges, net income rose about 3% to $21 million, or 39 cents per unit. Quarterly revenue rose 7% to $244.4 million. For the year, Pimco earned $74.3 million, or $1.43 per unit, down 2.
December 29, 1999 |
Clayton Dubilier & Rice Inc., a New York investment company, and German insurer Allianz agreed Tuesday to buy Fairchild Aerospace Corp. for $400 million in cash, assume $350 million in debt and arrange credit lines of about $440 million to help fund Fairchild's new line of regional jets. Closely held Fairchild, based in Germany and San Antonio, had been looking for investors to help finance a new series of aircraft it needs to compete against its main rivals, Canada's Bombardier Inc.
December 24, 1999 |
Orange County bond guru William H. Gross will become one of the world's highest-paid investment managers--earning about $40 million annually over the next five years--under a compensation package proposed in the pending takeover of Pimco Advisors Holdings by German insurer Allianz.
December 22, 1999 |
California's largest insurance company, Newport Beach-based Pacific Life Insurance Co., is in talks that could lead to it being sold to German insurance giant Allianz for more than $3 billion. The negotiations were disclosed Tuesday in a filing with the Securities and Exchange Commission and are separate from the pending $3.3-billion acquisition by Munich-based Allianz of Pimco Advisors Holdings, which is 30%-owned by Pacific Life.
December 22, 1999 |
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.
November 5, 1999 |
Pimco Advisors Holdings LP, the No. 1 U.S. bond fund manager, has been sued by owners of limited partnership units who contend they'll be shortchanged if a planned $3.3-billion takeover by Europe's second-largest insurer, Allianz AG, goes through. Newport Beach-based Pimco said Sunday that Munich-based Allianz wants to buy 70% of the company for $38.75 per unit--a 12% premium over the Friday closing price.
November 2, 1999 |
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.