Generali pact on holocaust thrown out
Article Abstract:
Assicurazioni Generali SpA's offer of $100 million to settle unpaid claims from Holocaust survivors has been voided after talks to harmonize the lawsuits and an international commission failed. The company conditioned the settlement on the setting of the same amount as the ceiling for any amount to be determined by an international commission tasked to resolve the claims. US state insurance commissioners has refused the $100 million settlement, saying the amount is much below what Generali is liable for, which, according to some commissioners, is nearer $1 billion. Bill Nelson, insurance commissioner of Florida and member of the international commission, said that the commission will not allow a harmonization that would limit its jurisdiction.
Comment:
Faces nullification of $100-mil settlement for Holocaust survivors after failure of talks to merge lawsuit and intnl commission
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Allianz plans U.S. listing in two years
Article Abstract:
Allianz AG, the largest insurer in Europe with base in Germany, intends to be listed on the New York Stock Exchange in two years, in its bid to fuel more purchases in the US, aside from gaining a wider base of shareholders. The company, which just completed its merger with Assurances Generale de France, will ultimately use international accounting standards to cope with its plan to be listed in the US. Allianz also made moves to improve its transparency, including its disclosure of the amount of hidden reserves at DM87.7 billion.
Comment:
Intends to be listed on New York Stock Exchange in 2 years, in its bid to fuel more purchases in US
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Commerzbank agrees to Generali stock swap
Article Abstract:
Assicurazioni Generali SpA, Italy's largest insurance company, and Commerzbank AG of Germany, have agreed to exchange shares valued at 1.2 billion marks each for stakes in each other. The deal, which analysts do not expect to lead to a future merger, will permit the two firms to share distribution networks and products in Europe. The stock swap gives Commerzbank a 2.5%-stake in the Italian insurance company while Generali becomes the biggest investor in the German bank with a 5% interest in the institution.
Comment:
Has agreed to exchange shares valued at 1.2 bil marks for stakes in Assicurazioni Generali SpA of Italy
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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