Germany’s insurance giant Allianz has put its talks with French asset manager Amundi on hold, according to a source close to the company. The discussions had centered around a potential merger of their asset management businesses, which would manage nearly 2.8 trillion euros ($3 trillion) in assets.
Allianz had been exploring options for its Allianz Global Investors (AGI) unit, including a possible sale or merger. Amundi, Europe’s largest asset manager, was also interested in acquiring AGI. However, the talks have stalled, and it is unclear whether they will restart at some point.
A key issue between the two parties had been the structure of any potential combination and who would control an enlarged group. Allianz has stated that it prefers its current setup and does not aim to reduce its contribution to the group’s asset management businesses.
The pause in talks follows BNP Paribas’ recent acquisition of AXA Investment Managers for over 5 billion euros, which is expected to lead to more dealmaking in the industry.
Source: https://finance.yahoo.com/news/allianz-amundi-stop-talks-over-173807986.html