September 5, 2017 / 10:02 PM / a year ago

Chinese conglomerate HNA considered stake in Allianz: report

FRANKFURT (Reuters) - Chinese conglomerate HNA Group (0521.HK) considered taking a stake in Allianz (ALVG.DE) but was rebuffed by the management of the German insurance giant, the Sueddeutsche Zeitung daily reported on Wednesday.

FILE PHOTO: The HNA Group logo is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo

Without citing its sources, the newspaper said HNA had approached Allianz management several weeks ago about becoming an anchor - or even majority - shareholder.

The newspaper said HNA and Allianz declined to comment.

An Allianz spokesman contacted by Reuters declined to comment.

The paper said Allianz management had rejected the approach, after consulting with Chinese sovereign wealth fund CIC, which it says holds a 3 percent stake in the firm.

It said the German government was also not keen on the idea, especially after HNA became Deutsche Bank’s (DBKGn.DE) biggest direct shareholder in May.

The Chinese group has been on an acquisition spree, expanding from its traditional business of aviation and logistics into financial services, betting on asset managers and consumer finance for growth at home and overseas.

It reflects a broader push by China into financial services globally as Beijing encourages its corporate sector to expand overseas, although it faces increased regulatory scrutiny in the United States and Europe.

Reporting by Emma Thomasson; Editing by Phil Berlowitz

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