Buffett buys stake in Munich Re

Berlin - US investor Warren Buffet holds just over 3% of leading reinsurer Munich Re, the German company said on Tuesday.

An ad hoc statement from the company said that Buffet has informed it he now has 3.045% of the voting rights in Munich Re.

Companies are obliged to issue such statements when holdings exceed 3%. Munich Re declined to say whether Buffett had owned any shares before bringing his stake above 3%.

Munich Re is one of the world's biggest reinsurance companies, selling backup coverage to other insurers, spreading risk in the event of huge losses.

"We're happy about every investor," Munich Re spokesperson Johanna Weber said, without providing further details.

Rumors that Buffet's investment firm, Berkshire Hathaway, would take a stake in Munich Re had pushed its stock up in the past few days.

Munich Re shares were up 0.5% at €109.05 ($154.36) in Frankfurt trading after the announcement - one of few stocks on the DAX index of blue-chip stocks that registered gains.

- AP