FEBRUARY 1, 2010, 9:56 A.M. ET
FRANKFURT (Dow Jones)–Munich Re AG (MUV2.XE) Monday said investment company Berkshire Hathaway Inc. (BRKA, BRKB) owned financial instruments as of Jan. 22 that could lift its voting rights in the company to 5.224% if exercised.
Berkshire Hathaway, whose chairman is billionaire investor Warren Buffett, “directly or indirectly held financial instruments that granted it the right to subscribe to shares in our company” carrying 1.945% of voting rights, Munich Re said.
Berkshire Hathaway held 3.278% in the company on Jan 22, Munich Re said. The exercise date of the financial instruments is March 11. Financial instruments that it held indirectly were held via OBH Inc. and National Indemnity Co., which are controlled by Berkshire Hathaway.
The announcement marks an incremental increase of Buffett’s stake in Munich Re from last week, when it first announced that Buffett had exceeded 3%.
A Munich Re spokeswoman said the company is “pleased about every investor, that’s a confirmation of our sustainable strategy.” Buffett wasn’t immediately available to comment further.
According to the figures, including the possible impact of the financial instruments, Buffett was Munich Re’s largest investor on Jan. 22, ahead of Blackrock Inc. (BLK), which reported in December that it held 4.58% in the company.
Buffett’s Berkshire Hathaway also has a 3% stake in Swiss Reinsurance Co (RUKN.VX) and owns Berkshire Hathaway Re, one of the world’s largest reinsurers by gross premium income.
At 1435 GMT, Munich Re shares were up EUR0.50, or 0.5% at EU109, underperforming the Stoxx Europe 600 insurance index, which was up 0.7%. Swiss Re shares were up 1.6%.
-By Ulrike Dauer, Dow Jones Newswires
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