Personal holding accounts for 3.045% stake in reinsurance giant
Warren Buffett has increased his shareholding in Munich Re to 3.045%.
According to German law, any holding above 3% must be published.
A Munich Re spokeswoman said the company had received notification from Warren E Buffett on January 18th that his holding now stood at 3.045%.
She was not able to confirm whether Buffett held a stake prior to the legally-required announcement. However, in an interview in Germany’s Der Spiegel magazine in 2008, Buffett said he had shareholdings in Munich Re.
The January 18th statement from Buffett said he owned 6 million shares. Yesterday, Munich Re’s shares were priced €108, making a total ownership of €648m ($913m) in Munich Re shares by Buffett. The holding is believed to be a personal one and not through Buffett's company, Berkshire Hathaway.
The Munich Re spokeswoman added: “For us it is a demonstration of our sustainable strategy is paying off. We are always pleased to receive long term sustainable investors.”
Another recent example of a shareholding exceeding the 3% threshold was when Blackrock acquired additional shares following transactions with Barclays Capital in early December 2009.