SoftBank to put significant Alibaba share on sale
Japanese telecom giant and tech investor SoftBank plans to sell a significant portion of its stake in the Chinese online store Alibaba as part of its debt reduction plans. Reuters news agency heard from insiders that the Japanese want to sell up to almost 14 billion euros in Alibaba shares.
In total, SoftBank announced earlier this week that it wanted to reduce the debt burden by 4.5 trillion yen (converted approximately 38 billion euros). In addition to Alibaba shares, SoftBank would also like to realize part of its interest in the American telecom provider Sprint.
Credit rating agency S&P believes that the share sale may be good for the creditworthiness of SoftBank. S&P does question the feasibility of the huge sales plans given the current market volatility.