Germany's Allianz said to buy 20% IVG stake at e9 per share

Germany's largest listed real estate group, the Bonn-based IVG, saw its share price jump by 10% on a report that giant insurance group Allianz is to buy a stake owned by the family owners of Cologne private bank Sal. Oppenheim, itself struggling with liquidity difficulties and likely to be taken into majority ownership by Deutsche Bank group. A report in the Platow Brief newsletter cited speculation that Allianz will soon pay the Oppenheim family holding e9 per share for its 20%-plus one share stake in IVG. The reports, unconfirmed by IVG or Allianz, also said Allianz will transfer to IVG a large portfolio after entry into its equity. Separately, IVG said it has sold a number of properties for a total e470m in recent weeks at a valuation just below book price. (Full story upcoming in next issues of PIE/PFE)