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...
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