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Softbank shares slide 10% after ARM takeover | Softbank shares slide 10% after ARM takeover |
(about 5 hours later) | |
Shares in Japan's Softbank fell by more than 10% on Tuesday 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. | 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. | Investors could not react to the takeover on Monday as the Tokyo stock market was closed for a holiday. |
The benchmark Nikkei 225 rose 1.4% to close at 16,723.31 points while the broader Topix gained 1.1% to 1,331.39. | |
Shares of Japanese games developer Nintendo continued to outperform. | |
Its stock jumped another 14.4% and saw trading volumes hit a new high on the 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. | 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 fell 0.13% to end at 5,451.30 following the release of minutes from the Reserve Bank of Australia's June meeting. | |
South Korea's Kospi is ended 0.2% lower at 2,016.89 in Seoul. | |
Hong Kong stocks closed 0.6% lower at 21,667.74 while the mainland's Shanghai Composite wrapped trading down 0.2% at 3,036.60. |