Softbank selling Yahoo shares

August 26, 2011 at 6:30 PM

The Japanese telecom firm will offload nearly all of its 4% stake in the Web portal to repay a $1.14 bil loan from Citi (NYSE:C - News). Under terms of the '04 loan, Softbank could repay it with cash or Yahoo (NASDAQ:YHOO - News) shares. Because Yahoo has fallen 45% since then, the market value is now closer to $660 mil. The deal marks a small step in unwinding a complex web of cross-shareholdings among Softbank, Yahoo and their jointly owned Yahoo Japan unit. Yahoo shares fell 1%.

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