"It's a telling thing that Nippon Life didn't directly participate" in the recapitalization.

Nippon Life is Japan's largest insurance company, with $90.2 billion in assets.

But analysts said that it would be considerably less than the $41.50 a share that Nippon Life is paying.

The agreement to form a link with Nippon Life involved a long and arduous process, according to officials at the companies.

The books show what Nippon Life paid for the shares.

Nippon Life is also No. 1 in revenue from premiums, with $83.2 billion.

But one executive in the real estate business, who insisted on anonymity, said this was not the case with Nippon Life.

Nippon Life has agreed not to increase its holding above 33 1/3 percent for 25 years.

Nippon Life also said it would reduce the number of women it hires for career positions, by 15 percent.

Nippon Life gets to keep the other 7.2 percent.