Billionaire Masayoshi Son’s SoftBank Group Corp. is likely to take a stake of 10 percent 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 percent.
The companies are in talks about strategic cooperation as well as the anchor investment, Swiss Re said in a statement on Wednesday. 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 ($39 billion), Bloomberg News reported last month.