Bid for Dresdner Moves Allianz Toward One-Stop Services Shop.German insurer Allianz AG Holding appears to be betting on a one-stop-shopping model for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , at least on its home turf turf: see lawn. turf In horticulture, the surface layer of soil with its matted, dense vegetation, usually grasses grown for ornamental or recreational use. , with the planned acquisition of Dresdner Bank Dresdner Bank AG is one of Germany's largest banking corporations and is based in Frankfurt. History 19th century Dresdner Bank was established on 12 November 1872 through the conversion of financial institution Michael Kaskel. AG for more than $20 million in stock and cash. The companies billed the transaction as creating a force in insurance, asset management and banking with a variety of distribution channels. But with corporate and investment-banking units as part of the package, some analysts said the purchase would be a mixed bag strategically for Allianz. The insurer last year was thwarted thwart tr.v. thwart·ed, thwart·ing, thwarts 1. To prevent the occurrence, realization, or attainment of: They thwarted her plans. 2. in its efforts to gain bank distribution by positioning itself in two bank mergers that ultimately failed. Allianz agreed to exchange one Allianz share and 200 euro (about $180) in cash for every 10 Dresdner shares, which would value each Dresdner share at 53.10 euro at the time the agreement was announced April 1. |
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