May 8, 2009
Munich Re sells 13 million shares of its equity holding in Admiral Group Plc. by way of a block trade.
It was recently announced that Willkie client Munich Re has sold 13 million shares of its equity holding in Admiral Group Plc. by way of a block trade. Munich Re’s ownership in Admiral shares recently constituted a 15.1 percent equity holding. Munich Re is one of the world’s largest reinsurance companies with approximately 44,000 employees and over 50 locations worldwide. Based in Cardiff, Wales, Admiral Group is a motor insurance company with nine brands, over 1.75 million customers and 3,200 employees worldwide.
The deal was handled by Prof. Dr. Michael Schlitt and Dr. Susanne Schäfer (capital markets) and Jon Lyman (U.S. securities); and associates Dr. Christian Ries and Dr. Thorsten Becker (capital markets), and Danielle Scalzo (U.S. securities). Colin MacNeill, Duncan Christison, Rebecca Ward, Donald Lowe and Jennifer Cowell from alliance partner Dickson Minto W.S. advised on the English law aspects of the transaction.