Company’s suspended €5bn buy-back scheme to restart
Munich Re is so cash rich it is to resume its suspended share buy-back programme and buy shares worth up to €1bn by its 2010 annual general meeting.
At the current share price, this would amount to around 9.2 million shares or 4.7% of the share capital. The repurchased shares are to be retired.
Nikolaus von Bomhard, chairman of Munich Re said: "We are keeping our word and are resuming our share buy-back programme after a seven-month break. In our view, the economic environment has now stabilised sufficiently. We are consequently returning unneeded capital to our share-holders."
Profitable growth
"Our capitalisation is such that it enables us to continue taking selective advantage of opportunities for profitable growth despite the share buy-back. And we are still well equipped even if there should be a setback in the economic recovery."
Since November 2006, Munich Re has bought back €4bn of shares, including €1bn in 2006/2007. As part of its Changing Gear programme in May 2007, it announced share buy-backs of more than €5bn. €3bn have already been bought.
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