QBE has firmly rejected media claims that it is in discussions with Allianz, the German insurance giant.
The story got legs after a German newspaper suggested that the global insurance giant was mulling a $20 billion takeover offer.
“While it is QBE’s policy not to comment on rumour or media speculation, QBE confirms that it is not in discussions with Allianz or any other potential buyer," QBE said in a statement to the ASX yesterday morning.
German newspaper Handelsblatt reported that Allianz CEO Oliver Baete met with QBE’s CEO John Neal before Christmas and suggested an offer of $A15 per share, which would value the company at $20 billion.
QBE said it has a "clearly articulated strategy that builds upon our differentiated position as one of only a handful of truly global insurers.
"Participation in industry consolidation is not a part of this strategy and there is no basis to speculation either that this strategy is under review or that QBE has received a corporate proposal," the insurer said in a statement.
The shares closed at $12.33 on Friday and peaked at $12.59, up 5.2% (but a long way from $15).
They closed up just 0.1% at $12.35 after earlier jumping as much as 5.2%, their biggest jump since early December. Shareholders wrote off the talk as the day went on.
Munich-based Allianz already operates in Australia under its own name as a general insurer. It also has a small stake in Munich Re, one of the two reinsurers that dominate the Australian reinsurance market.
The other is Warren Buffett’s Berkshire Insurance group. Berkshire is also the largest shareholder in Munich Re.
