Shareholders of Allianz, the German insurance company, have taken up 99.7% of the firm's €4.4bn ($4.9bn) rights issue - the first fully underwritten deeply discounted rights issue in Germany.

Deutsche Bank, Goldman Sachs, UBS Warburg and Citigroup are joint global co-ordinators, lead managers and underwriters. Dresdner Kleinwort Wasserstein, the investment bank owned by Allianz, is a joint global co-ordinator, but is understood to have been excluded from the underwriting for legal reasons.