Deutsche Bank Sells Remaining Stake in Munich Re
Germany’s Deutsche Bank (DB) placed its remaining 7.6 million shares in Munich Re for sale on the Frankfurt Stock Exchange Tuesday at € 213-215 ($201 -$203) slightly higher than anticipated.
The sale is expected to net DB around € 1.6 billion ($1.51 billion), and judging by the strong demand for the shares it should have no trouble selling them.
Munich Re’s shares initially declined to around €211 ($200) on the news, but recovered later in the session to close at around €219 ($207).
Share value for the world’s largest reinsurer, however, have fallen by almost 10 percent over the last week, which has seen sharp falls in stock markets around the world, with insurance stocks being hit particularly hard.
Shares in the company recovered further this morning trading at €222.60 ($210.36).
- McKinsey Plots Thousands of Job Cuts in Slowdown for Consulting Industry
- Chubb, The Hartford, Liberty and Travelers Team Up on Surety Tech Launch
- State Insurance Legislators ‘Greatly Disturbed’ by Trump AI Regulation Order
- Insurance Covers Settlement Paid by Stocks Instead of Money: Delaware High Court