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Investing.com -- Deutsche Telekom (ETR:DTEGn) shares fell more than 2% on Tuesday after Japan’s SoftBank (TYO:9984) Group Corp moved to sell nearly $4.9 billion in T-Mobile shares through an unregistered overnight block sale, Bloomberg News reported on Monday.
SoftBank is offering to sell 21.5 million T-Mobile shares at a price range of $224 to $228 each, according to Bloomberg, which cited the deal terms.
The sale price represents a discount of more than 3% from T-Mobile’s closing price of $230.99 on Monday. Bank of America Corp (NYSE:BAC) is managing the deal, Bloomberg reported.
The stake offered in the sale amounts to about 1.9% of T-Mobile’s outstanding shares, based on calculations by Reuters.
SoftBank’s move comes after it reported a 1.15 trillion yen profit for the year ended March, reversing a loss of 227.6 billion yen a year earlier.
The Japanese conglomerate’s investment approach has produced mixed results, highlighted by its early backing of Chinese e-commerce giant Alibaba (NYSE:BABA) Group and the bankruptcy of U.S. office-space startup WeWork (OTC:WEWKQ).