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Allianz SE (ALV) offered less than 200 million euros ($265.7 million) for Groupama SA (GPAS)’s GAN Eurocourtage unit, Financial Times Deutschland reported, citing unidentified people close to the insurance industry.
Groupama had wanted to raise 700 million euros from the sale, the newspaper reported, citing unidentified people as having said at the beginning of the month.
Allianz may be able to bid less than 700 million euros because of limited interest in the business from other suitors, FT Deutschland said in an e-mailed summary of an article to be published tomorrow.
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