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ots Ad hoc-Service: Münchener Rückvers. <DE0008430000> Munich Re and Allianz plan restructuring of their shareholdings

München (ots Ad hoc-Service) -

The sender is solely responsible for the contents of this
announcement.
Munich Reinsurance Company and Allianz AG intend to reduce their
cross holdings of 25% to around 20%. The companies signed a letter of
intent to this effect today. Also planned is a restructuring of
shareholdings in some jointly held companies.
The plan is for Munich Re and Allianz to reduce their cross
holdings of 25% to around 20%. The reduction will take place in
several steps, with due consideration for the capital markets, and is
scheduled to be completed by the end of 2003. It is also planned that
Allianz will acquire Munich Re's stakes of 45% in Bayerische
Versicherungsbank AG (BVB) and 49.9% in Frankfurter Versicherungs-AG.
Whilst Munich Re will then no longer have stakes in Allianz's German
property insurers, Allianz's shareholding in BVB will increase to 90%
and in Frankfurter to nearly 100%.
In return, it is planned that Munich Re will acquire from Allianz
36.1% in Karlsruher Lebensversicherungs-AG and 39% in Mercur
Assistance. This would raise Munich Re's shareholding in Karlsruher
Lebensversicherungs-AG to around 90% and in Mercur Assistance to 63%.
The transactions are scheduled for next year. The transfer of the
Mercur shares is due to take place this year, subject to approval by
the competent authorities.
The planned reduction of the cross holdings will make it possible
to increase the free float of the two companies and broaden their
shareholder profile. It will further enhance the attractiveness of
Munich Re and Allianz shares for international investors. At the same
time the Boards of Management of both companies take the view that
the proven successful cooperation between the two groups should be
continued. With the planned transactions, Munich Re and Allianz are
rounding off the strategic restructuring of their shareholdings. A
factor which has played a role in their considerations is the
expectation that the German government's tax reform plans will be
realized.
Munich Re Insurance Company
Board of Management
End
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