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IN BRIEF: Munich Re to increase stake in HypoVereinsbank
Munich Re Group - Munich-based reinsurance firm - Intends to increase its stake in the HypoVereinsbank Group to around 26%. Move follows a letter of intent signed last year, that along with Allianz AG, they will reduce their cross holdings and also restructure their shareholdings in joint subsidiaries and other companies. Further, Munich Re plans to make an offer to outside holders of ERGO shares to raise its stake to 95%. Stresses that a capital increase will not be necessary. Munich Re anticipates that, taken together, all of the transactions will make a sustained and positive contribution to profits.
Current stock price: EUR419.20
12-month change: up 29%
By Jeremy Cutler, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
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