Buffett raises Munich Re stake above 10 percent: group

19th October 2010, Comments 0 comments

German re-insurance giant Munich Re said on Tuesday that US billionaire Warren Buffett now owns more than 10 percent of the insurer's voting rights, but that he did not intend to influence its strategy.

As of October 12, Buffett and various companies he controls had accumulated more than 10 percent of the voting rights in Munich Re, one of the biggest re-insurance companies worldwide, a statement said.

The action makes Buffett the German insurer's biggest single shareholder.

The statement reiterated that Buffett did not plan to influence the company's management or dividend policy, but that he did foresee further increases in his holdings.

Insurance is one of Buffett's major centres of focus, and he also owns a substantial stake in the German group's rival Swiss Re.

Shares in Munich Re showed a gain of 0.89 percent to 108.15 euros in morning trading, while Frankfurt's DAX index of leading shares was 0.17 percent higher overall.

© 2010 AFP

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