Monday, Aug 13, 2007
FRANKFURT (Dow Jones)--Arabic Finance Circle, a Dubai-based private investment fund, said it is interested in buying stakes in several companies in the German-speaking region due to their favorable valuations.
The newly founded AFC said it plans to buy "considerable" stakes in Germany's Comdirect bank AG (COM.XE),Munich Re AG (MUV2.XE) and Austria's A-Tec Industries AG (ATEC.VI), although it doesn't plan to take strategic interests.
Although the three companies have been informed of AFC's plans, there have been no formal talks with them, a spokesman for AFC told Dow Jones Newswires Friday.
AFC's investor council has approved the purchase of up to 20% of Munich Re at a maximum of EUR145 per share, the AFC spokesman said.
A Munich Re spokeswoman declined to comment on AFC's planned share purchase, but said Munich Re in general welcomes investor interest.
AFC is willing to bid up to EUR14 per share for Comdirect bank and up to EUR210 per share for A-Tec.In both cases AFC is looking to contact the major shareholders.
Commerzbank AG (CBK.XE), which owns 79.8% of comdirect, declined to comment.
Chief Executive Officer of A-Tec, Mirko Kovats, said: "We are happy over every long-term shareholder."
Company Web site: http://www.munichre.com
http://www.a-tecindustries.com
http://www.comdirect.de
-By Frankfurt Bureau, Dow Jones Newswires; +49 69 29725 500;
Copyright (c) 2007 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
13-08-07 0718GMT
