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Chinese sovereign fund eyes Dresdner buy -paper

FRANKFURT
Thu Mar 27, 2008 5:47am EDT

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FRANKFURT (Reuters) - China sovereign wealth fund China Investment Corp (CIC) is in "intensive talks" to buy the whole of Allianz's (ALVG.DE) Dresdner Bank, a German newspaper reported on Thursday, citing industry sources.

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The Sueddeutsche Zeitung said the talks between CIC and Allianz were continuing.

Allianz and Dresdner declined to comment.

Germany's manager magazine had reported on Wednesday that a Chinese bank was interested in buying Dresdner's corporate and investment banking activities, known as Dresdner Kleinwort.

The magazine did not cite sources for its report that a Chinese bank, which it did not identify, had already made an offer, even though the books at the unit were not yet open.

(Reporting by Jonathan Gould; Editing by David Holmes)
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