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BERLIN (AP) - German bank HVB AG said Wednesday it was reducing its stake to just under 5 percent in reinsurer Munich Re AG by offering for sale some 6.9 million shares worth approximately 800 million euros ($950 million).
The sale will reduce the bank's stake in Munich Re to 4.9 percent from 7.9 percent, it said in a statement. The shares are being offered in a range of 116.75 euros to 117.50 euros ($137.58 to $138.42).
Munich Re shares fell 2.7 percent to close at 115 euros ($134.85) in Frankfurt trading.
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