Daniel Loeb builds up 1% stake in Softbank; shareholding valued at USD1bn

22 Nov 2013

Daniel Loeb, the owner of hedge fund Third Point LL, has revealed that he has acquired a USD1 billion stake in Japanese telecoms giant Softbank Corp, the Financial Times reports. According to the article, Mr Loeb followed up his big share purchase, equivalent to around 1% of the company, with a face-to-face meeting with SoftBank’s founder Masayoshi Son in Japan.

According to TeleGeography’s GlobalComms Database, Softbank Corp is listed on the Tokyo Stock Exchange (TSE). As at 31 March 2013 (latest official data) the top ten shareholders controlled 51.82% of the parent company. Its founder, president and CEO, Masayoshi Son, was the largest shareholder with a 20.16% interest, while Japan Trustee Services Bank held 8.60% and JP Morgan Chase Bank controlled 7.71%. No other party held more than 5% at that date. At the same date the shareholder breakdown was: foreign institutions and individuals (43.77%), domestic individuals (34.50%), financial institutions (15.79%), other companies (3.81%) and financial instruments firms (2.13%).

Japan, SoftBank Group Corp