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Buffett builds Munich Re stake

Munich_ReWarren Buffett, the US investor, has expanded his reinsurance holdings by becoming one of the largest shareholders in industry giant Munich Re. Buffett has built a stake worth €660m ($934m) in the German reinsurer, according to a market announcement triggered when his stake rose above 3%. It makes him the second-largest investor in Munich Re, after US asset manager BlackRock with almost 4.6%.