TOKYO (Reuters) – SoftBank (9984.T) CEO Masayoshi Son threw cold water on Wednesday on the idea of cutting his firm’s $150 billion stake in e-commerce giant Alibaba (BABA.N), after prominent activist investor Elliott Management called for big buybacks.
FILE PHOTO: Japan’s SoftBank Group Corp Chief Executive Masayoshi Son attends a news conference in Tokyo, Japan, November 5, 2018. REUTERS/Kim Kyung-Hoon/File Photo
The emergence of New York-based Elliott as a SoftBank shareholder has renewed focus on the company’s 26% stake in China’s Alibaba, the Japanese firm’s biggest asset and Son’s most successful tech bet to date.
Elliott, one of the world’s best known activist investors, has amassed a holding of almost $3 billion in SoftBank. It is now pushing for changes, including $20 billion in stock buybacks, sources have said. But Son indicated that he is in no rush to sell down the Alibaba shares – raising questions about how SoftBank could fund any potential buybacks.
“I…
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