Allianz Wants Perlet Supervisory Board Chair, Aims For China Listing
29 March 2012 - 9:14PM
Dow Jones News
Germany's Allianz SE (ALV.XE) wants former executive board
member Helmut Perlet to become chairman of the supervisory board
and is preparing for a listing on the Shanghai stock exchange,
according to the agenda of the insurer's annual general meeting
seen by Dow Jones Newswires.
If Perlet is voted a member of the supervisory board at the
shareholders' meeting scheduled for May 9, Allianz wants to propose
him as chairman of the supervisory board. Perlet was management
board member for accounting and control until September 2009.
The supervisory board's current chairman, Henning
Schulte-Noelle, is due to retire from his position.
Allianz is also mulling using a capital increase previously
approved by shareholders for a listing in Shanghai.
According to a report in daily Handelsblatt, Allianz Chief
Executive Michael Diekmann said in November the prerequisite for an
initial public offering in Shanghai isn't only that the exchange
opens itself to foreign issuers, as has been announced, but that
the generated proceeds be allowed to be used outside China.
China is currently revising the country's capital controls but
it is yet unclear if the new rules meet Diekmann's demands.
-By Joern Rehren, Dow Jones Newswires; +49 69 29725 115,
joern.rehren@dowjones.com