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SoftBank will cut stake in Alibaba; Books $34 billion gain

  • SoftBank Group Corp said on Wednesday it would book a gain of $34.1 billion by cutting its stake in Alibaba Group Holding, as the investment behemoth looks to shore up its cash reserve.
  • SoftBank will reduce its stake in Alibaba to 14.6% from 23.7% by settling prepaid forward contracts. Alibaba’s U.S.-listed shares were down 1.7% in premarket trade after the announcement.
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