I like the strategy of selling puts to buy a stock (although I have had stocks run away from me at times). This was on Nikkei Net tonight:
Monday, May 17, 1999
Microsoft, Marsh & Mclennan Invest In Softbank's Online Insurance Venture
TOKYO (Dow Jones)--Japan's Softbank Corp. (9984) announced Monday that Marsh & Mclennan Co. and Microsoft Corp. will take capital stakes in its Japanese online insurance services unit.
Marsh & Mclennan will take a 20% stake, and Microsoft will hold a 2% interest in the Japanese joint venture between Softbank and U.S.-based InsWeb Corp.
No new share issues are planned. Softbank's stake in the online insurance service company will decline to 53% from 60%, while InsWeb's stake will drop to 25% from 40%.
The move also marks key business ties among the four companies. Marsh & Mclennan, a leading U.S. consulting company which has a major insurance broker unit, can offer know-how and worldwide customers, while computer software giant Microsoft can offer its asset management software to the joint venture company, Softbank said.
Competition among Japan's insurance companies is expected to intensify amid ongoing financial industry deregulation. With the participation of Marsh & Mclennan and Microsoft, the Japanese online insurance services company, which will officially start operations late this year, aims to lead the industry, Softbank said.
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