SoftBank Group gets even more defensive with $12 billion stake sale

Masayoshi Son’s SoftBank Group said it will sell about ¥1.33 trillion ($12.5 billion) of the stock it holds in its Japan­ese wireless operation, adding to massive asset sales that have helped his conglomerate get back on track after missteps with start-up investments.

The Tokyo-based parent said it will sell 927 million shares in SoftBank through a global secondary offering, about a third of its stake. The carrier’s stock, which closed at ¥1,431.5 on Friday, will be sold at a discount of 3 per cent to 5 per cent. Besides, the wireless unit said it will buy back up to 1.68 per