Germany's
Allianz AG has raised its stake in
Pimco to 77.5 percent, according to a 20-F filing made with the SEC on Monday.
The sale of the additional 7.5 percent stake in Pimco cost the German insurer $250 million. Allianz purchased a 70 percent stake in Pimco for $4.2 billion in 1999, before the bursting of the stock bubble.
Pacific Life, Pimco's parent company, informed Allianz that it intended to exercise its option to sell Allianz the shares on June 27.
 
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