Capital Group cuts stake in Softbank Corp

23 Apr 2014

US-based investment firm Capital Group has cut its stake in Japanese telecoms giant Softbank Corp by around half to 6.7%, the Wall Street Journal reports. According to the article, in June 2013, just before the Japanese company completed its USD22 billion acquisition of US mobile carrier Sprint Corp, it owned 13.6% of SoftBank’s shares, but has since gradually lowered its stake in the telco. Capital Group however has reportedly declined to comment on the reasons behind its decision.

According to TeleGeography’s GlobalComms Database, Softbank Corp is listed on the Tokyo Stock Exchange (TSE). As of end-September 2013 (latest official data) the top ten shareholders controlled 51.44% of the parent company. Its founder, president and CEO, Masayoshi Son, was the largest shareholder with a 20.01% interest, while Japan Trustee Services Bank held 8.53% and JP Morgan Chase Bank controlled 7.65%.

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