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.
But it invented something better, something much more more flexible.
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