Japan's Softbank eyes monster takeover of Sprint
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In this combination of Associated Press file photo, a woman walks by a SoftBank shop in Tokyo on Thursday, April 26, 2012, and a man walks past a Sprint store on Tuesday, April 27, 2010 in New York. Softbank is eyeing a monster US$25 billion (S$30 billion) buy-in to the US telecom market including the takeover of Sprint Nextel in what could be among Japan Inc.'s biggest-ever overseas deals. -- PHOTO: AP
TOKYO (AFP) - Japanese mobile carrier Softbank is eyeing a monster US$25 billion (S$30 billion) buy-in to the US telecom market including the takeover of Sprint Nextel in what could be among Japan Inc.'s biggest-ever overseas deals.
But investors threw cold water on the potential marriage as shares of Softbank, Japan's third-biggest carrier, plunged 16 percent to 2,420 yen on the Tokyo Stock Exchange by the morning close.
Sprint Nextel confirmed Thursday it was talking with Softbank about a takeover, which could help vault the Japanese firm into the top three mobile giants globally.
Sprint shares surged 14.3 percent to close at $5.76 in US trade Thursday.
