Posted on 15 Feb 2010
The world's largest reinsurer, Munich Re, reported that Warren Buffett's voting rights in the company rose to 5.073 percent, making him the largest shareholder.
The Munich-based reinsurer said in an e-mailed statement on Friday that Buffett's share of voting rights exceeded the 5 percent threshold on Feb. 4. Of this, 5.022 percent are “attributable to him,” the company said, adding that the attributable voting rights are held by Berkshire Hathaway Inc., OBH Inc. and National Indemnity Co.
Munich Re said on Jan. 28 that Buffett, who is Omaha, Nebraska-based Berkshire’s chairman, chief executive officer and largest shareholder, “directly or indirectly held financial instruments” that granted him the right to subscribe to Munich Re shares representing 1.945 percent of the voting rights. The exercise date of Buffett’s financial instruments is March 11, Munich Re said at the time.
The ownership of a stake of more than 5 percent makes Buffett Munich Re’s biggest shareholder. Asset manager BlackRock Inc. held 4.58 percent of Munich Re as of Dec. 1.