GERMANY - Munich Re has successfully completed transactions it announced last year with Allianz and has increased its holding in Commerzbank to 10.4%. As a result of transactions announced in April 2001 Munich Re now holds 25.7% of the share capital and 26.3% of the voting rights in HypoVereinsbank and 91.7% of ERGO Versicherungsgruppe. In return, it has sold its shares in Allianz Lebensversicherungs and Dresdner Bank to Allianz and has reduced its interest in Allianz to around 20%, as planned.
Besides this, in agreement with the Nürnberger Insurance Group, Munich Re has acquired a portion of the shares in Nürnberger Beteiligungs previously held by Deutsche Bank, thus increasing its stake to nearly 20%.
In a further move, it has sold its interest of 12.2% in Generali Lloyd to the AMB Group.
Dr. Heiner Hasford, member of Munich Re’s board of management responsible for investments, said: “Purchases and sales of shareholdings have always been a part of Munich Re’s active asset management and are geared to long-term optimisation of earnings.
Hence, Munich Re invests in companies whose market positioning gives reason to expect sustained positive business development. With investments of over EUR150bn, we number among the biggest investors in Germany. Investments in financial service providers have traditionally been of special importance for us.”
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