Christmas baubles in decorative glass were first produced in Germany. That obscure factoid is clearly not lost on HNA, which collects adornments of the financial kind.
Reports in the German press on Wednesday suggested that HNA tried to add a stake in Allianz to its already large collection of financial assets. The company was rebuffed by the board of the Munich-based insurer.
HNA is no stranger to Germany’s financial sector, given its 9.9 per cent stake in Deutsche Bank. But a world of difference lies between the bank and Allianz. The initial stake in Deutsche was acquired in February 2017, after a sharp drop in the bank’s price. Allianz’s shares have not been hit by a severe dip, which have beaten the Dax over one, three, five and 10 years.