Allianz has reached a court settlement with the 13 shareholders who had filed contestation suits against the resolutions taken at its extraordinary shareholders' meeting on February 8, 2006, relating to the group acquiring societas Europaea (SE) status.

The settlement calls for the withdrawal of all contestation suits by the plaintiffs in return for Allianz reimbursing their court costs and legal attorney fees, amounting to around E72,000 per plaintiff.

In addition, once the merger with Italy’s RAS comes into effect, Allianz will publish on its website an explanation of the differences between the legal form of a German stock corporation and that of a SE, the Munich-based group said in a statement.

Besides the reimbursement of costs no benefit is granted, assured or announced to the plaintiffs, the company adds.

The agreement settles all contestation suits as well as the release procedure initiated by Allianz. The contestation suits therefore no longer stand in the way of the planned registration of the merger of RAS with Allianz and the conversion of Allianz into a SE in the autumn of 2006.