SoftBank's Alibaba sale could end breakup taboo [Reuters]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Reuters
LONDON, Aug 10 (Reuters Breakingviews) - Masayoshi Son is thinking the unthinkable at SoftBank Group (9984.T) . His $63 billion technology and telecom empire will slash its stake in Alibaba (9988.HK) to 15% from 24%. The long-overdue shrinkage offers a blueprint for what to do next: break up the conglomerate. This year's tech selloff has punished the Japanese holding company, pushing it to a $23 billion net loss last quarter read more . Son's new watchword is discipline: His Vision Funds, effectively giant venture-capital vehicles, invested just $600 million in the three-month stretch ending in June, compared with some $21 billion a year earlier. The same focus on cash preservation seems to have informed the decision unveiled on Wednesday to cut the Alibaba holding, which has a totemic significance at SoftBank as one of the world's most lucrative tech investments. Through derivatives deals with banks, Son could have retained the Alibaba stake by settling so-called prepaid forward
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BABA
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- 2/23/24 - Form 20-F/A
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