German insurance giant Allianz is poised to grab a majority share in Chinese insurance company Dazhong Insurance, according to news reports emanating from the region.

China Business News has reported that Allianz is in the race to acquire a controlling stake in Dazhong, its former joint venture partner. The Chinese newspaper said that Allianz had tabled an offer amongst a number of bidders and that it was in preliminary negotiations with Dazhong.

The value of the European insurance outfit’s bid is unknown, however according to the AFX news agency, China Life Insurance had earlier considered offering CNY580 million to acquire a controlling stake in Dazhong Insurance.

Allianz and Dazhong were partners in a life insurance venture for seven years until the Chinese company was bought out by CITIC Trust and Investment.