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Allianz eyes Pimco?
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July 7, 1999: 3:53 a.m. ET
Report: German insurance giant mulling $5B offer for US fund manager
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LONDON (CNNfn) - Pimco Advisors Holding is in talks with German insurance giant Allianz about buying part or all of the U.S. bond fund manager, according to a report Wednesday.
Pimco (PA) could be worth up to $5 billion in the event of a full takeover, The Wall Street Journal reported, citing unidentified people familiar with the situation.
Newport Beach, Calif.-based Pimco would represent an attractive entry to the United States for Allianz (FALV), one of Europe's largest insurance and asset management groups, according to the newspaper.
One of Pimco's attractions is star bond fund manager Bill Gross, who has helped its flagship fund outpace market returns.
However, the newspaper reported that no announcement on a deal is imminent, and there could be difficulties arising from Pimco's unusual share structure.
Allianz has already indicated its willingness to boost its presence in the United States by planning to list on the New York Stock Exchange next year. Officials at Pimco and Allianz declined to comment.
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