Connect with us

Hi, what are you looking for?

World

Munich Re to buy back up to 1.0 bn euros in shares

-

German reinsurance giant Munich Re said Thursday it plans to buy back up to 1.0 billion euros ($1.4 billion) worth of shares by 2015.

"In the period commencing after the 2014 annual general meeting and extending up to the 2015 annual general meeting, Munich Re intends to buy back up to 13 million shares for a maximum purchase price of 1.0 billion euros," the group said in a statement.

"On the basis of the current share price this would amount to around 3.7 percent of the share capital," the statement said.

On Wednesday, Munich Re shares had closed at a price of 150.50 euros on the Frankfurt stock exchange.

A share buyback is an operation by which a company can increase its share price because it reduces the number of shares outstanding.

German reinsurance giant Munich Re said Thursday it plans to buy back up to 1.0 billion euros ($1.4 billion) worth of shares by 2015.

“In the period commencing after the 2014 annual general meeting and extending up to the 2015 annual general meeting, Munich Re intends to buy back up to 13 million shares for a maximum purchase price of 1.0 billion euros,” the group said in a statement.

“On the basis of the current share price this would amount to around 3.7 percent of the share capital,” the statement said.

On Wednesday, Munich Re shares had closed at a price of 150.50 euros on the Frankfurt stock exchange.

A share buyback is an operation by which a company can increase its share price because it reduces the number of shares outstanding.

AFP
Written By

With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.

You may also like:

World

Calling for urgent action is the international medical humanitarian organization Doctors Without Borders/Médecins Sans Frontières (MSF)

World

Immigration is a symptom of a much deeper worldwide problem.

Business

Saudi Aramco President & CEO Amin Nasser speaks during the CERAWeek oil summit in Houston, Texas - Copyright AFP Mark FelixPointing to the still...

Business

A recent article in the Wall Street Journal infers that some workers might be falling out of the job market altogether.