ZURICH: Billionaire Masayoshi Son’s SoftBank Group Corp is likely to take a stake of 10% or less in Swiss Re AG as it seeks to gain a foothold in the cash-rich reinsurance industry. The Swiss company’s shares fell as much as 3.1%.
The companies are in talks about strategic cooperation as well as the anchor investment, Swiss Re said in a statement yesterday. It’s the first time the insurance firm has commented on the size of a possible transaction. SoftBank was considering buying as much as a quarter of the company in a deal that valued the insurer at as much as 37 billion francs (US$39bil), Bloomberg News reported last month.
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