Friday, March 23, 2018

SoftBank eyes board seats at Swiss Re

Japanese telecom and tech giant SoftBank is looking to occupy seats in the board of Swiss Re as it plans to acquire a stake in the reinsurer.

According to a report by the Financial Times, the Japanese company is looking at taking a 20% to 30% stake in Swiss Re, citing sources who wished not be named.

A source said that the premium over Swiss Re’s current share price was “substantial”, while another said it would be “small”.

Masayoshi Son, SoftBank’s founder and chief executive officer, is scheduled for a meeting with Swiss Re chairman Walter Kielholz in the coming weeks to discuss a possible agreement.

The Financial Times further said the investment would be made by SoftBank itself, rather than by its investment fund.

SoftBank was earlier reported to be in talks to buy as much as one-third of Swiss Re.


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