ZURICH/LONDON (Reuters) – Shares in Swiss Re pared gains after the Zurich-based reinsurer denied that Fiat's founding Agnelli family is poised to buy a stake in the company.
“Contrary to market speculation, Swiss Re is not in discussion with the Agnelli family or any of its investment vehicles regarding the possible acquisition of a stake in Swiss Re,” the company said on Wednesday.
The speculation had caused a surge in Swiss Re stock, leading European risers earlier on Wednesday with a 6% climb in high-volume trading.
By 0945 GMT the shares were up 1.4% at 82.80 Swiss francs, still outpacing the wider European insurance sector's 0.2% decline.
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