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Ambac rejects Buffett's reinsurance offer: report
NEW YORK |
NEW YORK (Reuters) - Ambac Financial Group Inc ABK.N has rejected an offer from billionaire investor Warren Buffett to be part of a plan where his company would reinsure $800 billion in municipal debt covered by the top three bond insurers, CNBC television said on Tuesday.
Buffett, the chief executive of Berkshire Hathaway Inc (BRKa.N), had told CNBC television earlier in the day that he had extended the offer to MBIA Inc (MBI.N), Ambac Financial Group Inc ABK.N and FGIC Corp.
(Editing by Leslie Adler)
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