Share buy-back 2007/2008
The Board of Management has availed itself as follows of the authorisation to buy back shares granted by the Annual General Meeting on 26 April 2007.
| 1. |
On 4 May 2007, Munich Re’s Board of Management resolved to acquire up to 22 million Munich Re shares for a maximum total purchase price (excluding incidental expenses) of €2bn via the stock exchange up to 17 April 2008.
Up to the end of January 2008, approximately 14.7 million shares were acquired at an average price of €132.03. This corresponds to a purchase price of just under €2bn. 366.666 shares were acquired through the use of derivatives (put options). |
| 2. |
On 29 January 2008, Munich Re’s Board of Management resolved to further avail itself of the authorisation granted by the Annual General Meeting on 26 April 2007 and to acquire up to four million Munich Re shares for a maximum total purchase price (excluding incidental expenses) of €250m via the stock exchange in the period between 30 January 2008 and, at the latest, 25 October 2008. |
The purpose of the share buy-back is to retire the repurchased shares in order to optimise the Company's capital structure.
The buy-back will be lead-managed by one or more banks, which will make their decisions regarding the timing of share acquisitions independently of and without influence by Munich Re. The buy-back will be carried out in accordance with Section 14 para. 2 and Section 20a para. 3 of the German Securities Trading Act in conjunction with the rules of Commission Regulation (EC) No. 2273/2003 of 22 December 2003. The buy-back programme may be stopped and then resumed at any time.
We will keep you informed about the progress of the share buy-back programme on this website.