Billionaire investor now owns more than 10% of reinsurer's voting rights
Billionaire investor Warren Buffett and three firms he controls now collectively own 10.244% of the voting rights of German reinsurance group Munich Re and intend to acquire more, according to a Munich Re filing.
The German reinsurer has also recived notification from Buffett that he intends to acquire further voting rights in the next 12 months.
However, the filing said that the investment was being made to make trading profits rather than implement strategic objectives. It added that the additional shareholding is not intended to exert influence on the composition of the management, direction or supervisory organs of Munich Re, nor significantly change its capital structure.
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