Arabic Financial Circle looking to acquire 20% of Munich Re

A Middle Eastern fund is looking to acquire a 20% stake in Munich Re, the world’s second largest reinsurer, according to Forbes.

The Dubai-based investment fund Arabic Finance Circle (AFC) has apparently confirmed its plans to also acquire substantial stakes in Commerzbank’s Comdirect and A-TEC, an independent global broadline stocking distributor, along with Munich Re.

“Our offers are binding. We want to acquire up to 20% in Munich Re. And Munich Re knows that,” AFC's Vienna-based spokesman Saeed Sharif told Financial Times Deutschland.

He also added that AFC considers the planned acquisitions as financial investments.

According to Temmel, Seywald & Partner, which represents the fund, AFC is to offer up to €145 per Munich Re share.

As of 14 August, the Munich Re share price stood at €128.84.