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Munich Re plans 3.8 B euros offering.(Re/International)
National Underwriter Property & Casualty-Risk &Benefits Management
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October 27, 2003|
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COPYRIGHT 2003 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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With its ratings under pressure, Munich Reinsurance Company has decided to raise at least 3.8 euros (4.4 billion) in additional equity capital through a share offering in this year's fourth quarter.
Existing shareholders under the rights offering are given the first right to subscribe to the issue in proportion to their holdings. Any part of the issue not taken by existing holders would be offered to the general public at a subscription price of at least 75 euros ($87) per share, the company said.
The reinsurer said it intends to make use of the stronger ...
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