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Allianz German unit focuses on growth without mergers

A logo of Europe's biggest insurer Allianz is pictured in Tokyo October 19, 2012. REUTERS/Yuriko Nakao
A logo of Europe's biggest insurer Allianz is pictured in Tokyo October 19, 2012. REUTERS/Yuriko Nakao

UNTERFOEHRING, Germany (Reuters) - Allianz's German unit is observing the German market for takeover opportunities while continuing to focus on growing on its own strength, unit head Markus Riess said on Thursday.

Allianz last year put out feelers toward public sector insurer Provinzial Nordwest, with sources close to Provinzial Nordwest's owners saying Allianz was prepared to pay the insurer's book value of 2.25 billion euros ($2.95 billion).

The approach ran into the sand, however, after Provinzial Nordwest said it would explore a merger with fellow public sector insurer Provinzial Rheinland instead. ($1 = 0.7628 euros)

(Reporting by Alexander Huebner, writing by Jonathan Gould)

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