Allianz SE (ALV.ETR) said it has purchased H-shares in China Pacific Insurance (601601.SH, 2601.HK) from Carlyle Group for US$855 million, Bloomberg reported. The purchase gives Allianz 240 million shares in the insurer, 10.4% of the company’s H-shares, and 2.4% of its total outstanding shares. Allianz had earlier invested US$150 million in China Pacific in December 2009. Allianz said the new purchase of 215.8 million China Pacific shares for HK$31.15 (US$4.00) each – a discount from their last close of HK$33.45 (US$4.30) – represents a long-term investment in the company, China’s third-largest insurer. Carlyle earlier said it planned to sell a US$1.8 billion stake in China Pacific out of total holdings worth US$2.5 billion.
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