February 7, 2018 / 7:42 PM / a year ago

Softbank in talks to buy stake in Swiss Re - WSJ

FILE PHOTO: The logo of SoftBank Group Corp is seen at the company's headquarters in Tokyo, June 30, 2016. REUTERS/Toru Hanai/File Photo

(Reuters) - Japan’s Softbank Group Corp (9984.T) is in advanced talks to buy a stake in Swiss reinsurer Swiss Re AG (SRENH.S) worth $10 billion (7.22 billion pounds) or more, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Softbank is looking to purchase up to a third of Swiss Re's shares at a premium, the Journal reported. (on.wsj.com/2FUF0Eb)

The talks still could fall apart and there might not be a deal, the newspaper said.

The companies were not immediately available for comment.

The reinsurer’s shares closed at 90.18 Swiss francs on Wednesday.

Reporting by Pallavi Dewan in Bengaluru; Editing by Anil D'Silva

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