Softbank said on Thursday its US unit had completed the sale of 3.16m shares in Internet portal Yahoo, generating a $336m (£224m) profit for the Japanese Internet investor. The sale reduces Softbank’s stake in Yahoo to 22.58 percent from the previous 23.18 percent, but it is still the biggest shareholder in the US company. It is the latest in a series of sales by Softbank, which owns a stake in ZDNet. The company has been selling stakes in Internet affiliates that have convinced investors the company has limited options to generate cash beyond such share sales. But its stake in Yahoo, a crown jewel in Softbank’s portfolio, had been thought to be too valuable for the Internet investor to reduce it just to gain a quick profit. Prior to the news, Softbank ended up 4.24 percent at 17,200. Yahoo shares closed at 113 1/16 Wednesday. Analysts said the move may help finance its planned purchase of a failed bank, a move most considered controversial. “It means they finally have the cash for NCB (Nippon Credit Bank) they didn’t have the first time,” said Thomas Rodes, analyst at Nikko Salomon Smith Barney. Softbank America sold 3.16m shares in Yahoo to bank… Read full this story
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