Tuesday 18 March 2014

Swiss posturing

Swiss Re this morning announced it is proposing a 10pc increase in its ordinary dividend to 3.85 Swiss francs a share and also additional special dividend of 4.15 Swiss francs a share. See the link: http://www.swissre.com/media/news_releases/nr_20140318_agm.html

The move comes quickly after my story from last week about a trust backed by the Agnelli family seeking to buy up to 20pc of Swiss Re via a tender offer.

Swiss Re, though, denied it was "in talks" with any Agnelli family vehicle about the tender offer for the shareholding. See the link :http://www.swissre.com/media/news_releases/nr_20140312_agnelli.html

However, I stand by my original story and the move to pay another a special dividend looks to me like defensive posturing by the Swiss insurer ahead of another approach from the Agnelli trust.

Watch this space......

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