Thursday, April 26, 2018

SoftBank eyes buying stake in Swiss Re

Japan’s SoftBank is in talks to buy a stake in Swiss Re.

Reports say the Japanese company may be buying as much as a third of Swiss Re in a deal that could be valued at more than US$10 billion.

In a separate interview, Swiss Re confirmed the talks but said such discussions remain in the early stage.

According to SoftBank chief executive officer Masayoshi Son, the company is looking at an industry that’s long been a favourite of billionaires wanting to diversify their business empires.

In pursuing the deal, Son would be following Warren Buffett in buttressing his conglomerate with healthy cash flows from reinsurance.

Over the past year, Son has been racking up an array of investments in his bid to reshape Japan’s largest mobile-phone carrier into a broad-based business.

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