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At a glance: Deal size: €2.2 billion Bookrunners: Deutsche Bank, Dresdner Kleinwort Wasserstein, Goldman Sachs Date: September 11, 2005 |
In September 2005 Allianz sought to take full control of its majority-owned Italian subsidiary, Riunione Adriatica di Sicurta (RAS), but found itself facing a difficult but not uncommon problem. It needed to raise equity in order to fund its €5.7 billion cash tender offer but could not be certain exactly how much it would need, as this would depend on how much of its offer would eventually be taken up by RAS’s other shareholders.
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