FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo
TOKYO (Reuters) – SoftBank Group Corp (9984.T) said on Monday it is selling or monetizing up to 4.5 trillion yen ($41 billion) in assets to buy back 2 trillion yen of its shares and reduce debt, sending its stock soaring to its biggest daily gain in nearly 12 years.
The share buyback will be in addition to the up to 500 billion yen buyback announced earlier this month, in the Japanese tech conglomerate’s biggest ever repurchase, and comes amid pressure from activist hedge fund Elliott Management to improve shareholder returns.
The move comes as SoftBank’s share price has been hammered by investor scepticism over the outlook for CEO Masayoshi Son’s bets on startups like WeWork and Uber (UBER.N).
SoftBank’s share price extended early gains on Monday, jumping 19% following the announcement of the asset sales, which will be…
Source Reuters Tech News
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