German insurer Allianz said Thursday it will buy out the minority shareholders of its French unit as part of a 10.5 billion euros($13.55 billion) plan to take control of all of its units.
The insurer, Europe's largest by premium income, said it is buying the 42.4% of Assurances Generales de France SA and the 9% of its German unit Allianz Lebensversicherung AG that it doesn't already own.
Allianz said the cash consideration of about 7.5 billion euros($9.68 billion) will be funded internally. The remaining 3 billion euros($3.87 billion) will be paid with Allianz shares, the company said.
The announcement marks a further step in the group's companywide restructuring announced in September 2005.
In morning trading, Allianz shares were rose 0.4% to 154.80 euros($199.83).