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Allianz is interested in acquisitions in property and casualty insurance as well as in credit insurance and asset management, CEO Baete said in an interview. (AP Photo)

(Bloomberg) – Allianz SE Chief Executive Officer Oliver Baete has 3 billion euros ($3.2 billion) to spend on acquisitions and is scouting for targets from Australia to Italy. Rushing into a deal would be a mistake, according to some investors and analysts.

With two weeks remaining before a self-imposed deadline, Baete should take a “disciplined” approach to M&A and distribute the unused budget to shareholders, according to Tim Friebertshaeuser, a fund manager at DWS Investments. DWS is part of Deutsche Bank AG, Allianz’s second-largest shareholder, according to data compiled by Bloomberg.

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