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Softbank Sells Yahoo Share To Pay Citi Loan

Softbank is selling most of its 4% stake in Yahoo to Citibank.

Softbank is selling most of its 4% stake in Yahoo to Citibank, The Wall Street Journal reports. The proceeds will be used to repay about $1.135 billion in loans from the U.S. banking group.

The Japanese telecommunications and Internet service company secured loans from Citibank in February 2004. The repayment is scheduled for the end of September.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from AFP.

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