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Reinsurer Swiss Re spikes on a possible $10 billion Softbank stake

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CEO of Softbank Group Masayoshi Son attending a news conference in Tokyo on February 8, 2017.

Reinsurance giant Swiss Re spiked to a 52-week high Wednesday on a possible Softbank deal.

Swiss Re said it’s in talks with Softbank about a “potential minority investment” and that the discussions are “at a very early stage,” according to a company release.

The Japanese investment conglomerate is eyeing a stake in Swiss Re that could be worth as much as $10 billion, according to a Wall Street Journal report, which first reported the talks.

Softbank could ultimately purchase up to a third of Swiss Re’s shares, the newspaper reported.

The Swiss company sells insurance to insurers, which fits with Softbank’s previous investments in ride-sharing companies like Uber and some of its global rivals, Didi Chuxing, Ola and Grab. These companies spend a significant amount of money on insuring drivers.

Shares of Swiss Re jumped more than 9 percent in midday trading.

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