{"id":230633,"date":"2010-01-26T04:06:00","date_gmt":"2010-01-26T09:06:00","guid":{"rendered":"tag:blogger.com,1999:blog-3087194156628161158.post-7377889061720107829"},"modified":"2010-01-26T04:08:02","modified_gmt":"2010-01-26T09:08:02","slug":"reuters-investor-buffett-builds-3-pct-munich-re-stake","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/230633","title":{"rendered":"REUTERS: Investor Buffett builds 3 pct Munich Re stake"},"content":{"rendered":"

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Buffett takes stake in world’s biggest reinsurer<\/p>\n

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* Move follows market rumours on Friday<\/p>\n

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* Shares turn positive on news<\/p>\n

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(Adds details and background)<\/p>\n

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FRANKFURT, Jan 26 (Reuters) – U.S. investor Warren Buffett has added a big stake in Munich Re (MUVGn.DE<\/a><\/span>) to his stable of insurance holdings, boosting the company’s shares on Tuesday.<\/p>\n

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The world’s biggest reinsurer said in a statement Buffett’s shareholding rose above the threshold of 3 percent on Jan. 18 and amounted to 3.045 percent of voting rights on that date.<\/p>\n

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Munich Re’s share turned positive on the news, rising by as much as 2 percent, before paring gains to be up 0.4 percent at 108.90 euros by 0855 GMT. The DJ Stoxx index of European insurance shares fell 0.8 percent .SXIP.<\/p>\n

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Rumours that Buffett was buying stock had boosted Munich Re’s share on Friday.<\/p>\n

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Buffett is already a major player in the world’s insurance market with his Berkshire Hathaway Inc (BRKa.N<\/a><\/span>)(BRKb.N<\/a><\/span>) unit, the world’s third-biggest reinsurer. <\/p>\n

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Berkshire also pumped 3 billion Swiss francs ($2.88 billion) into Swiss Re (RUKN.VX<\/a><\/span>) at the height of the global financial crisis after the Swiss company wrote off double that amount in toxic assets. [ID:nL5719257]<\/p>\n

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