STOCKWATCH Munich Re up on report it may pay shareholders more than 8 bln eur |
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Published
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Mon, 18 Jun 2007 13:29
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FRANKFURT (Thomson Financial) - Shares in Muenchener Rueckversicherungs AG were higher in midday deals on a report that the insurance giant might distribute even more money to its shareholders than the currently planned 8 bln eur it is intending to give back by 2010.Munich Re chief financial officer Joerg Schneider told weekly Euro am Sonntag that it may pay back more than currently planned 8 bln eur, if the insurer remains 'well-capitalised' and if revenues continue to grow favourably.Local traders said that the news was especially good and should help boost Munich Re's share price.At 1.59 pm, shares in Munich Re were 1.64 eur or 1.21 pct higher at 137.59, making it the sixth top climber on the DAX, which was 32.92 eur or 0.41 pct at 8,063.56.Schenider added that it is important for Munich Re to maintain sufficient capital, but not to hold on to more than necessary.Tyler.Sitte@thomson.comts/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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