UPDATE 2-Allianz sheds share stakes in 4 bln euro move


(Adds analyst comment, detail, shares) By John O'Donnell 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 pay off with shares in BMW , Siemens or Munich Re , reducing the insurer's stake in these companies. Separately, it said that its banking ...

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