2 October 2003
Press Release
Munich Re sells its stake in Hypo Real Estate Holding AG
Prior to the first stock exchange listing of Hypo Real Estate Holding AG (HREH) shares, the Munich Re Group has sold its 25.7% stake. The transaction was managed by investment bank Goldman Sachs. The parties have agreed to maintain secrecy regarding the exact price, but it is within the range most recently estimated as a fair price per share (€10 to €15) in the market.
Dr. Heiner Hasford, member of Munich Re's Board of Management: "We are reducing our investment in the banking sector and removing uncertainty in the market with this sale. This transaction has no effect on our cooperation with HVB."
The stake in HREH came about when Hypo Vereinsbank AG hived off its business in the area of commercial real estate financing. Munich Re had always made it clear that its investment in HREH was purely financial with no strategic character.
Note for editorial departments:
In case of enquiries, please contact Rainer Küppers on +49 (0) 89/38 91-25 04,
or Florian Wöst (Telefon: 0 89/38 91-94 01).
Munich, 2 October 2003
Münchener Rückversicherungs-Gesellschaft
signed Dr. Hasford signed Küppers