Japan's SoftBank Group and global reinsurance giant Swiss Re have agreed to end discussions about a potential minority investment of SoftBank in Swiss Re.
In a statement, Swiss Re says that will continue to implement its technology strategy with a combination of in-house developments and third-party collaborations. In this context, the company will also further explore business ideas between Swiss Re's operative entities and the portfolio companies of SoftBank.
No reason is given in the statement for calling off the proposed deal.
The two sides disagreed over the price and size of the stake and over how much management control would be handed to the Japanese side, people with knowledge of the matter told Bloomberg earlier this month
The collapsed talks mark the end of nearly four months of deliberations about how SoftBank would invest in Swiss Re, reported Bloomberg. In April, Swiss Re said that the two parties were in talks about strategic cooperation as well as the anchor investment. The size of the stake in question was then expected not to exceed 10% of Swiss Re’s share capital.