Munich Re, the German reinsurance group, has rebuffed the €3bn ($3.6bn) two-for-five rights offer from HVB, Germany's second largest bank. The issue completed on Tuesday with 99.89% of the shares sold.

A spokeswoman for Munich Re said the group wanted to reduce its exposure to German financial stocks. The reinsurer also has a 12.2% stake in Allianz and owns 9.5% of Commerzbank. Its stake in HVB will shrink from 25.7% to 18.4%.