UPDATE 2-Swiss Re says SoftBank stake won't top 10 pct, talks at early stage [Reuters (UK)]
SWISS RE LTD S/ADR (SSREY)
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Source: Reuters
Swiss Re says SoftBank stake won't top 10 percent, talks at early stage | Reuters 3 Min Read FRANKFURT (Reuters) - Japan’s SoftBank ( 9984.T ) is in talks to buy a stake in Swiss Re ( SRENH.S ) that is unlikely to exceed 10 percent, the reinsurer said on Wednesday, adding discussions were at an early stage. Bloomberg reported on March 29 that Softbank was looking to buy a 25 percent stake in Swiss Re, worth about $9.6 billion, as part of its drive to broaden its investments, which include its $93 billion Vision Fund for technology projects. Swiss Re shares were down 2.3 percent at 0745 GMT (3.45 a.m. ET). Chief Executive Christian Mumenthaler sounded enthusiastic about the prospect of a deal, citing SoftBank’s ties to China, focus on technology and access to 800 million customers. “This is not uninteresting,” he said during a conference call with journalists. Swiss Re also reiterated it was not considering issuing new shares for the possible investment by the Japanese company. The
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