Swiss Life makes foray into Germany

Swiss Life Holding AG sees the opportunities in Europe's biggest economy -- Germany. It made an initial push in that country Thursday with a 26.8% stake purchase in German financial services broker MLP AG. The deal is seen as a prelude to more takeovers in Germany.

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Zurich-based Swiss Life said it would pay €11.72 per share, or a total of €307 million ($458.1 million), for the MLP stake, which had been surreptitiously built by the CEO of recently acquired German peer AWD AG.

AWD CEO Carsten Marschmeyer told Reuters Thursday that he had built the stake because he saw "industrial logic" in a link between MLP, AWD and Swiss Life, while Swiss Life said that it would scrap the bulk of a share buyback program "to keep its strategic development options open." - Andrew Bulkeley

See TheDeal.com: Swiss Life expands in Germany

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