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Allianz hedges CPIC stake through $700M Goldman deal

Mar. 19, 2015 2:32 AM ETAllianz SE (ALIZY) StockGS, ALIZY, ALIZF, CHPXYBy: Yoel Minkoff, SA News Editor
  • 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.

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