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Swiss Re AG's headquarters stands at dawn in Zurich, Switzerland.(bloomberg)
(Bloomberg) -- Swiss Re AG shares rose the most in more than six years after the company confirmed that it’s in talks with SoftBank Group Corp. about the Japanese company taking a stake in the re-insurer.
The stock gained 6.8 percent in Zurich on Thursday, the highest intraday rise since November 2011, and was trading 5.9 percent higher at 9:17 a.m. local time. SoftBank could purchase as much as a third of Swiss Re AG, people familiar with the talks said, asking not to be identified because no agreement has been reached. The transaction could be valued at more than $10 billion.
Swiss Re confirmed the talks late Wednesday and said they are at a very early stage, without giving more information. SoftBank shares rose 1 percent in Tokyo trading on Thursday. Before the market close Wednesday, Swiss Re had market value of 31 billion francs ($33 billion).
If the deal is successful, it would add to a growing number of stakes being snapped up by SoftBank. The Japanese conglomerate has made investments in businesses including ride-hailing, chipmaking, office-sharing, satellite-building, robot-making and even indoor kale-farming.
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