Allianz Stock Tumbles After Merger Failure
Allianz AG shares fell more than 10 percent Wednesday following the announcement that Deutsche Bank AG and Dresdner Bank AG had called off their planned merger.
On Tuesday, Dresdner Bank accused Deutsche of undermining the $30 billion deal by insisting to sell off all or part of Dresdner’s investment banking arm. Allianz, which holds substantial stakes in both banks, had gained nearly 30 percent since the merger announcement was made last month.
Allianz, Europe’s largest insurer based on market share, would have broadened its distribution outlets and obtained Deutsche’s DWS fund unit had the merger gone through.
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