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Headline: Flexibility drives the miles Source: Euromoney Date: February 2001 Author: Anja Helk Issuer: Allianz Deal: market index-linked equity security (miles)Amount: e2 billionDate: December 14 2000Lead manager: UBS Warburg What a great idea. Since a new tax law will allow German companies to sell their domestic stakes without the punitive 53% tax rate, insurer Allianz thought of how best to unwind their extensive cross-shareholdings. It could have done a straight convertible, which it had indeed before and which had allowed Allianz to get the cash and the tax benefit now, instead of waiting for the law to come into effect on January 1 2002. |
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