Business

Softbank shares slide 10% after ARM takeover

Employees at Softbank headquarters Image copyright Getty Images

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.

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.

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.