Talks between Swiss Re and SoftBank close to collapsing: FT

ZURICH (Reuters) – Discussions between Swiss Re (SRENH.S) and SoftBank (9984.T) about the Japanese group potentially taking a stake in the reinsurer are faltering, the Financial Times reported on Sunday, quoting people close to the situation.

FILE PHOTO: Shop employees of SoftBank Corp work outside its branch in Tokyo, Japan, August 6, 2015. REUTERS/Yuya Shino/File Photo

“Talks between Swiss Re and SoftBank over an investment in the reinsurance company are close to collapsing after three months of discussions,” the FT said.

“People close to the situation say the Japanese company’s enthusiasm has waned in recent weeks,” the newspaper said without giving further details.

Swiss Re declined to comment on the report.

The reinsurer’s chief financial officer, John Dacey, told reporters on a call on Friday that the company was still in discussions with SoftBank, but that it was not sure they would result in a completed transaction and that it was also talking to other potential partners.

Under pressure from falling prices amid intense competition, Swiss Re is looking for partnerships that could open new streams of revenue. It had said last month that SoftBank wanted to buy a stake of under 10 percent and that the pair were also exploring strategic cooperation.

Reporting by Silke Koltrowitz; Editing by Keith Weir

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