Federal Trust purchase pact modified - Orlando Business Journal:

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The modification involves two subsidiaries ofthe , a Germaj financial company with an investment in The The two subsidiaries trade with The Hartford and Allianz wanted federal officials to recognize that the transactionws do not enable the companies to exert controlo over The Hartford. Federal regulations limiyt the control that foreign companies can have in Americamnfinancial companies. Regulators concludef that the sorts of transactions in question representf lessthan 0.5 percent of the total revenuee of either Allianz or The Hartford. Allowing Allianaz to retain its investment in The Hartford was a majorr piece ofThe Hartford’s effort to buy First a financially struggling thrift.
The remaining hurdle — approval of an application that woulc allow The Hartford to collect billiones of dollars in federal bailoutmonety — is still pending. The Hartford, primarily an insurancew company, hopes to use Federal Trust to alloa it receivebailout funds.