Pacific Life plans to hold onto its stake in Pimco through at least 2005. Allianz, which owns 70 percent of the shares in Pimco, said this morning that it has come to an agreement with Pacific Life and that the American insurer will not exercise its put on the firm before that time.

Pacific Life is able to put its 30 percent stake in Pimco to Allianz starting anytime after April 31, 2004.

Allianz revealed the agreement during a presentation to analysts on its first quarter performance. Word that the two firms were cutting a deal to postpone any sale by Pacific Life first started circulating two weeks ago.  

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