German Insurer To Trade On NYSE
FRANKFURT, Germany (AP) _ Pushing into the U.S. market, German insurance giant Allianz AG said Thursday it will list its shares on the New York Stock Exchange beginning Friday.
The move is expected to build a war chest for takeovers and is key to Allianz’s strategy to expand in North America and raise its profile with U.S. consumers.
``This listing is another important step for Allianz toward becoming an even more global company,″ said Allianz Chairman Henning Schulte-Noelle.
Schulte-Noelle has stressed that Allianz wants to be one of the five biggest insurers in the U.S. market. With $5.53 billion in U.S. sales, the company is currently among the top 40, although the United States is the company’s third-largest insurance market after Germany and France.
The news helped pushed Allianz shares up 1 percent to 404.94 euros ($348.24) in its home market in Frankfurt. But late day profit-taking wiped out some of those gains; Allianz closed at 402.80 euros.
The listing comes two days after the U.S. Securities and Exchange Commission agreed to allow Allianz to use International Accounting Standards in some cases instead of more transparent U.S.-style Generally Accepted Accounting Principles, company spokeswoman Ilja-Kristin Seewald said.
Allianz will trade on the NYSE under the symbol ``AZ.″