Swiss Re confirms mulling investment in China Pacific Insurance
Swiss Re says it has been exploring a potential investment in China Pacific Insurance Group (CPIC), with some reports suggesting it could spend some $2 billion acquiring a stake.
Swiss Re said: “In response to media speculation concerning a possible investment by Swiss Re in CPIC and an investment by CPIC in Swiss Re, Swiss Re confirms that it has been exploring a potential investment opportunity in a possible primary offering of CPIC's securities. “
The company added that no definitive agreement has been entered into between Swiss Re and CPIC. Any securities offering by CPIC remains subject to various contingencies, including CPIC's decision to proceed with any such offering.
Swiss Re appeared to suggest that it would not be a two-way arrangement. Swiss Re said it had “no current intention of issuing new shares or making treasury shares available to any potential investor”.
Swiss Re has a market value of some CHF 35 billion on the Swiss stock exchange.
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