Softbank shares slide 10% after ARM takeover | 2016-07-19

Softbank shares slide 10% after ARM takeover


19th July, 2016 09:36:49 printer

Softbank shares slide 10% after ARM takeover

Shares in Japan's Softbank have fallen 10% after being hit with a glut of sell orders following its purchase of ARM Holdings.



The £24bn ($32bn) deal for the UK chip designer is Softbank's biggest acquisition.



Investors could not react to the takeover on Monday as the Tokyo stock market was closed for a holiday.



Both the benchmark Nikkei 225 and broader Topix opened 0.7% higher after the long weekend.



Shares of Japanese games developer Nintendo jumped 10% on the continued success of its new augmented reality game Pokemon Go, which has proved to be a big hit globally.



Nintendo now has a bigger market capitalisation than Sony and luxury fashion house Hermes following its gains over the last week, according to Bloomberg data.



Meanwhile, the ASX 200 in Sydney was flat ahead of the release of minutes from the Reserve Bank of Australia's June meeting.



South Korea's Kospi is trading 0.3% lower in Seoul.



Hong Kong stocks opened 0.3% lower on profit-taking while the Shanghai Composite Index fell 0.1%.