SoftBank gives up a third of Alibaba stake for $34bn gain ...Qatar

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SoftBank gives up a third of Alibaba stake for $34bn gain
SoftBank Group Corp expects to post a gain of more than $34bn from selling down its stake in Alibaba Group Holding Ltd, cashing in on its most storied investment to shore up finances as global markets deteriorate. The investment giant’s board approved yesterday the early physical settlement of prepaid forward contracts corresponding to about 242mn American Depositary Receipts. After the settlement, which will run from August to September, its stake in China’s e-commerce leader will fall to 14.6% from 23.7% as of the end of June. The move raises the likelihood that SoftBank will reduce its stake in Alibaba over time, as the Japanese company’s slice of Alibaba dips below the 20% threshold for

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