Buffett raises stake in Munich Re to over 3 pc

US investor Warren Buffett holds just over 3 per cent of leading reinsurer Munich Re AG,the German company said on Tuesday. An ad hoc statement from the company said that Buffett has informed it he now has 3.045 per cent of the voting rights in Munich Re. The statement attributed the holding to Buffett rather than to Omaha-based Berkshire Hathaway.

Companies are obliged to issue such statements when holdings exceed 3 per cent. Munich Re declined to say whether Buffett had owned any shares before bringing his stake above 3 per cent. Munich Re is one of the worlds biggest reinsurance companies,selling backup coverage to other insurers,spreading risk in the event of huge losses.

8220;We8217;re happy about every investor,8221; Munich Re spokeswoman Johanna Weber said,without providing further details.

Speculation that Buffett8217;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 nearly 1 per cent at euro109.55 155.07 in Frankfurt trading one of few on the DAX index of blue-chip stocks that registered gains.