(updating to add details on AFC)
FRANKFURT (Thomson Financial) - Dubai-based investment fund Arabic Finance Circle (AFC) said it is interested in buying up to 20 pct of Muenchener Rueckversicherungs AG as well as 'substantial' stakes of Austria's A-TEC Industries AG and Commerzbank AG direct bank Comdirect Bank AG.
The company is prepared to offer up to 145 eur per share of Munich Re, compared with the company's closing price of 125.95 eur, according to a statement distributed by Austrian Temmel, Seywald & Partner, which said it represents AFC.
A possible offer for shares of A-TEC would not exceed 210 eur a share, compared with a closing price of 133.57 eur, while the company would pay up to 14 eur per Comdirect share, compared with a closing price of 7.99 eur.
If the companies' owners are interested in selling, AFC may seek to acquire majority stakes in the two companies.
A spokeswoman for Munich Re confirmed that AFC has been in touch with the German reinsurer.
Recently founded AFC may make offers for stakes in German companies in the fourth quarter of this year as a 'purely financial' investment, according to the statement.
The private investment fund representing a group of investors plans to make acquisitions worth a total of 20 bln eur in the German-speaking region in the mid-term, with a focus on German DAX-listed companies, the statement said. maria.sheahan@thomson.com mas/gp/mas/gp COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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