(Corrects to insert dropped word “million” in paragraph 5)
* To delist from NYSE, London, Milan, Paris, Swiss exchanges
* Trading will be focused on Frankfurt Xetra
* No impact on group strategy, geographical reach
* Shares indicated 0.3 pct lower in pre-market trade
(Adds detail, background, company comment)
FRANKFURT, Sept 22 (Reuters) - Europe’s biggest insurer Allianz SE (ALVG.DE) will delist from the New York Stock Exchange (NYSE) and European exchanges to focus trading in Frankfurt, it said on Tuesday.
“Allianz SE has provided written notice to the New York Stock Exchange (NYSE) of its intention to voluntarily delist its American Depositary Shares (ADS) and its 8.375 percent Undated Subordinated Callable Bonds (Bonds) from the NYSE,” Allianz said in a statement.
“Delistings of Allianz’s ordinary shares from the stock exchanges in London, Milan, Paris and the Swiss Exchange shall follow in due course,” it added.
The company said the moves would reduce the complexity of its presence in the capital markets, adding that the vast majority of trading in the company’s share occurred in Frankfurt.
The move will allow savings in the mid single-digit million euro range, an Allianz spokeswoman said, adding that the company remains listed on some regional German exchanges.
“The delistings will have no impact on the strategic orientation of Allianz nor on its presence in the individual geographic markets,” the company added.