Insurer Allianz SE (AZ) has reduced its stake in Beiersdorf AG (BEI.XE) to 2.88% as of Thursday, Beiersdorf said Friday in a regulatory filing.

Beiersdorf said Allianz's stake fell below the thresholds of 5% and 3% Thursday. Allianz previously said it held a stake of 5.9% in Beiersdorf as of Dec. 31, 2008.

The transaction took place in a way that didn't disrupt the market and was part of a stakeholding reduction program, an Allianz spokesman told Dow Jones Friday. The spokesman declined to comment on the buyers.

Maxingvest AG, which holds 50.46% of Beiersdorf shares, according to recent information, wasn't immediately available to comment.

Web sites: www.beiersdorf.com; www.allianz.com; www.maxingvest.de

By Ruediger Schoss, Dow Jones Newswires, +49 69 29 725 511; ruediger.schoss@dowjones.com