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Softbank Shares Surge After Microsoft's Bid for Yahoo [bloomberg.com]
Softbank, which owns 3.9 percent of Yahoo in the U.S., jumped 16 percent to 2,205 yen on the Tokyo Stock Exchange today, the biggest gain since Sept. 29 2005. Yahoo Japan rose 9.5 percent to 46,000 yen, its daily limit. The Nikkei 225 Stock Average climbed 2.7 percent.
"Adding Microsoft's financial muscle would strengthen Yahoo's search engine development, bringing technological benefits to Yahoo Japan," said Yuichi Sato, an analyst at Mizuho Securities Co. in Tokyo. Sato raised his rating on Yahoo Japan to "strong buy" from "buy."