Japan's Softbank eyes monster takeover of Sprint
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.