FRANKFURT, May 7 (Reuters) - Allianz’s chief executive officer suggested that he was open to a “merger of equals”, but he also said that lofty stock values stood in the way of big deals, the Financial Times reported on Monday.
“It is very difficult to justify paying 30 percent more on a 30 billion euro ($35.75 billion) asset than to pay 30 percent on a 5 billion euro asset,” the paper quoted Oliver Baete as saying.
He said good targets were hard to find. “We’ve decided that we have not found yet the attractive asset to make us comfortable to plough out a lot of money,” he told the Financial Times. ($1 = 0.8391 euros) (Reporting by Tom Sims; Editing by Christoph Steitz)