TOKYO (Reuters) – Shares in wireless carrier SoftBank Corp fell 3% in early trading on Monday after parent SoftBank Group Corp said it would sell up to 22% of the telco’s shares, slashing its exposure to the carrier to 40%.
SoftBank Group’s shares were up almost 5% as a series of massive asset sales and share buybacks continue to fuel its climb from March lows.
SoftBank Group “is manifesting a very disciplined approach to managing its balance sheet (in a welcome change) but does not bode so well for (SoftBank Corp’s) shareholders,” Jefferies analyst Atul Goyal wrote in a note.
(Reporting by Sam Nussey; Editing by Himani Sarkar)
