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Buffett takes stake in Munich Re

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[January 26, 2010]  BERLIN (AP) -- U.S. investor Warren Buffett holds just over 3 percent of leading reinsurer Munich Re AG, the German company said Tuesday.

HardwareAn ad hoc statement from the company said that Buffett has informed it he now has 3.045 percent of the voting rights in Munich Re.

Companies are obliged to issue such statements when holdings exceed 3 percent. Munich Re declined to say whether Buffett had owned any shares before bringing his stake above 3 percent.

Munich Re is one of the world's biggest reinsurance companies, selling backup coverage to other insurers, spreading risk in the event of huge losses.

"We're happy about every investor," Munich Re spokeswoman Johanna Weber said, without providing further details.

Rumors that Buffett's investment firm, Berkshire Hathaway, would take a stake in Munich Re had pushed its stock up in the past few days.

Munich Re shares were up 0.5 percent at euro109.05 ($154.36) in Frankfurt trading after the announcement -- one of few stocks on the DAX index of blue-chip stocks that registered gains.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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