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Japan's Softbank unloads Yahoo! shares

12:16 am on Aug 27, 2011 (gmt 0)

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Japan's Softbank unloads Yahoo! shares [google.com]

Japanese telecom giant Softbank on Friday said it was selling the bulk of its holdings in US Internet firm Yahoo! to Citibank in repayment of a 2004 loan.

Softbank, the third biggest player in the Japanese telecoms market, currently holds around four percent of the US company.

The transaction will have no effect on the current co-operation between Yahoo! and Softbank, which also owns more than 40 percent of the independently managed Yahoo! Japan, making it the company's largest shareholder.

Getting out of Yahoo holdings now is probably good while they're still worth anything.