Report AXA to Sell Stake in Cologne Re to General Re

Axa Konzern, a German subsidiary of France’s AXA Group, will reportedly sell its 49.9 percent stake in General RE-CKAG, an intermediary company controlled by Berkshire Hathaway’s General Re, that owns slightly less than a 60 percent stake in Cologne Re.

A report from Reuters indicated that Gen Re had given AXA Konzern notice that it would exercise the call option it holds to purchase the shares. Plans call for the transfer to be completed by July 1, 2003. The financial details, including the price of the shares, have not yet been announced.