UNTERFOEHRING, Germany Feb 28 Allianz's
German unit is observing the German market for
takeover opportunities while continuing to focus on growing on
its own strength, unit head Markus Riess said on Thursday.
Allianz last year put out feelers toward public sector
insurer Provinzial Nordwest, with sources close to Provinzial
Nordwest's owners saying Allianz was prepared to pay the
insurer's book value of 2.25 billion euros ($2.95 billion).
The approach ran into the sand, however, after Provinzial
Nordwest said it would explore a merger with fellow public
sector insurer Provinzial Rheinland instead.
($1 = 0.7628 euros)
(Reporting by Alexander Huebner, writing by Jonathan Gould)