November 30, 2012 / 12:41 PM / 5 years ago

Provinzial NW co-owner says no plans to sell stake

FRANKFURT, Nov 30 (Reuters) - A big co-owner of German public sector insurer Provinzial Nordwest on Friday said it had no plans now to sell its stake in the company, after two sources said that Allianz wanted to buy it.

“We currently have no plans to sell our stake in Provinzial Nordwest,” Wolfgang Kirsch, director of local government authority Landschaftsverbandes Westfalen-Lippe (LWL) said in a statement. LWL holds a 40 percent stake in the insurer.

Two sources told Reuters on Friday that Allianz was mulling a takeover of Provinzial Nordwest, Germany’s second-biggest public sector insurer.

The Financial Times Deutschland had reported earlier that Allianz was prepared to pay 2.25 billion euros ($2.92 billion)for the insurer. ($1 = 0.7705 euros) (Reporting by Matthias Inverardi and Arno Schuetze, writing by Jonathan Gould)

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