Allianz, parent of money managers PIMCO and Nicholas-Applegate, is delisting from the New York Stock Exchange and four European exchanges to focus on the German marketplace that it said offers the greatest liquidity.
The company said it voluntarily will delist its American depository shares from the NYSE and is delisting from exchanges in London, Milan, Paris and Zurich.
Allianz will focus on trading on the Frankfurt Stock Exchange's Xetra electronic trading platform, the insurer said in a statement. An Allianz spokesman said the company's shares will appear on the Frankfurt exchange and regional German exchanges but no longer will be traded on any exchanges outside the country.
Allianz shares on non-German exchanges accounted on average for less than 5% of the total trading of the company's shares in recent years, despite the fact that around 70% of Allianz shares are held outside of Germany, the statement said.
“Allianz adjusts to international trading practices and by doing so reduces the complexity of its presence in the capital markets,” Paul Achleitner, member of the board of management at Allianz, said in the statement. “The vast majority of international investors already uses our listing in Frankfurt to buy and sell Allianz shares,” he said.
Michael Bradford is a reporter with Business Insurance, a sister publication of Pensions & Investments