PACIFIC LIFE FORCES SECOND ALLIANZ PIMCO PURCHASE

Germany’s Allianz has acquired another $250m tranche of shares in US fixed-income fund manager Pimco after Pimco shareholder Pacific Life again exercised a put option on the shares compelling Allianz to buy them at an agreed price. The $250m purchase is the second imposed on Allianz in three months, following an identical move by Pacific Life in April. The next enforced sale in now expected in October, with the put options due to be exercised quarterly by Pacific Life until Allianz has acquired all of Pacific’s original 30% stake in Pimco for a total of $2bn. Allianz acquired the other 70% of Pimco in 1999 for $3.9bn.