The puppeteer gets in a tangle

Insurer Allianz has a headache in the wake of the scrapped merger between Deutsche Bank and Dresdner Bank. The deal, which Allianz did much to engineer, would have given the Munich group the dream solution to its strategic problems in its home market. It still has plenty of strings to pull in the inevitable round of banking M&A moves to come. Allianz harbours a secret wish to resurrect the deal but is more likely to get an inferior version: Dresdner-Commerzbank.

Meetings of the Munich financial press club are normally sleepy affairs, involving a handful of local journalists meeting local businessmen. But on April 11, this parochial forum has become an international media inquisition. Around 70 reporters and editors cram into a long, narrow room at Munich’s City Hilton hotel to grill one of the key protagonists in the abandoned Deutsche-Dresdner merger.

Paul Achleitner, the 43-year-old Austrian who became finance director of Allianz in January, sits on the end of a panel of Allianz representatives and tries to exude relaxed affability.

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