Cevian offloads stake in Munich Re

Swiss-Swedish hedge fund Cevian Capital has sold its 3% holding in German re-insurer Munich Re (ETR:MUV2) for about EUR570m (USD703.1m), Financial Times Deutschland reported today.

Cevian acquired the stake in 2007 for EUR800m. The company required shortly after that certain operating, strategic and financial changes at the re-insurer, without specifying them.

Another big shareholder in Munich Re is US investor Warren Buffett via his company Berkshire Hathaway (NYSE:BRK.A), which holds a stake of 8% in the re-insurer.

Country: ; Germany

Sector: Insurance

Target: Muenchener Rueckversicherungs-Ges. AG

Vendor: Cevian Capital AB

Deal size in USD: 703.1m

Type: Divestment

Status: Closed

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