Bayerische Hypo- und Vereinsbank AG is reducing its stake in Munich Re through an accelerated bookbuilding from 7.89% to approx. 4.9%. Following an auction process, HVB is selling approx. 6.9 million shares representing approx. 3% of the outstanding share capital of Munich Re. The transaction has a market volume of around 800 mln. HVB will thereby realize a disposal gain in a low three-digit million euro range.
With this step HVB continues its ongoing strategy to align its financial holdings. In principle, the bank views a remaining stake of 4.9% in Munich Re with respect to the successful and exclusive cooperation with Munich Re and Ergo as appropriate.
The sale is executed by Lehman Brothers and HVB Corporates & Markets as joint bookrunners. The offer is directed to institutional
investors. The shares are offered at a bookbuilding range of 116,75 to 117,50.
Source: Bayerische Hypo- und Vereinsbank AG
