- Allianz (OTCPK:AZSEY) has struck a deal with Goldman Sachs (NYSE:GS) to help it hedge part of its stake in China Pacific Insurance Group (OTCPK:CHPXY) and lock in profits from two rounds of investments that it made in China's third-largest insurer.
- Under the deal, Allianz agreed to a future sale of 147.7M Hong Kong-traded shares of CPIC at HK$36.77 each to Goldman in a $700M transaction. That price is equivalent to a 4.2% discount to CPIC's closing price on Wednesday.