UPDATE 1-Allianz sheds equity stakes in 4 bln euro move


(Adds more details, spokeswoman) FRANKFURT, Jan 26 (Reuters) - German insurer Allianz announced about 4 billion euros ($5.22 billion) of bond and share sales on Wednesday aimed at cutting its exposure to stock market investments and restructuring its debt. The company issued a 3-year 1.2 billion euro bond, which Allianz can redeem with shares in BMW , Siemens or Munich Re , reducing the insurer's stake in these companies. Separately, it said that its banking arm Dresdner would sell ...

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