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Allianz: Bryan Garnier still a buyer after bid on Euler.

(CercleFinance.com) - On Monday Bryan Garnier (BG) renewed its "buy" rating on Allianz, along with its target price of 195 euros, with the German insurer having announced its intention to buy out the minority interest in its subsidiary Euler Hermes.

Allianz, which is Euler Hermès' controlling shareholder, has offered 122 euros per share, representing a premium of 20.7% relative to Euler's last listed share price.

The broker recommends Euler Hermès shareholders jump at the opportunity. However, it is more conservative regarding Allianz, regretting that this offer has been formulated while the Euler Hermès share reached a peak. As such, BG does not think that this deal is completely rational for it.

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