Swiss Re AG said it has ended discussions with Japan-based SoftBank Group Corp.
The Swiss reinsurer confirmed talks with the Japanese telecommunications company in February. Discussions between the two were said to have stalled in recent weeks due to disagreements on the size and price of the stake that SoftBank would take in Swiss Re, as well as on how much control SoftBank CEO Masayoshi Son would get over the reinsurer's management.
Swiss Re said in April that the minority stake it was negotiating with SoftBank was not expected to exceed 10% of its share capital, while SoftBank was previously reported to be close to a deal to acquire a 25% stake at between CHF100 and CHF105 per share.
Swiss Re said it will "continue to implement its technology strategy with a combination of in-house developments and third-party collaborations" and will "further explore business ideas between [its] operative entities and the portfolio companies of SoftBank."
