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Report: Allianz eyes purchase of remaining Euler Hermes shares

Allianz Group is considering acquiring the shares of France-based trade-credit insurer Euler Hermes Group SA that it does not already own, Bloomberg News reported, citing "people familiar with the matter."

The German insurer owns 63.93% of Euler Hermes, according to S&P Global Market Intelligence data.

The sources told Bloomberg that Allianz is in talks with advisers about potentially acquiring the remaining stake, which is valued at about 1.5 billion and is regularly reviewing the holding. No final decision has been made yet, they added.

Shares of Euler Hermes have increased 18% so far in 2017, giving the firm a market value of approximately €4.2 billion, according to the June 8 report.

Allianz, which has taken a cautious approach on deals since its failed acquisition of Dresdner Bank in 2001, missed the chance to utilize a €3 billion war chest for acquisitions after a deadline for takeovers ended in February, prompting it to return the capital to shareholders. CEO Oliver Bäte has stressed, however, that the firm could still finance an acquisition, Bloomberg noted.