"Together with Pacific Life, we have reached the conclusion that both sides would benefit from a continuation of the close cooperation and a prolongation of the ownership structure," Allianz officials said in a statement.
Allianz lost nearly $1.3 billion in 2002. Strapped for cash, the company apparently is looking to unload some of its assets, not spend between $1.6 and $2.1 billion dollars for the remaining portion of PIMCO.
Instead, the companies have altered their agreement, and "it is the mutual understanding of both sides that this revision should last over the coming years."
Officials did not specify the exact nature of the changes to the agreement or how long they expect to maintain the current ownership structure.
