The Allianz Group is to cut its stake in long-standing partner Munich Re from12.5% to 9.4%, revealed a report.
It said Allianz would use shares in the reinsurer to redeem the last tranche of the Allianz Miles convertible bond.
Munich RE cut its stake in Allianz to 12.2% last November after the two companies agreed to end a century-old deal to maintain high cross-shareholdings, said the report.
