SoftBank could ditch Uber investment for Lyft: CEO Masayoshi Son
Tokyo: SoftBank CEO Masayoshi Son sure loves a curve ball.
As SoftBank Group Corp.’s negotiations for a stake in Uber Technologies Inc. head into the final stretch, Son said on Monday he could still walk away, and perhaps even invest in Uber’s rival Lyft Inc.
“Depending on the price and conditions, it is wholly possible we could shift our investment to the other main company Lyft. It is wholly possible,” Son said at a press conference following SoftBank’s second-quarter earnings. “We won’t know until the very end.”
Son said more than half of the stake he’s looking to buy will come from existing Uber shareholders. He said if arriving at a price is difficult, he may decide not to buy. He also mentioned other conditions, such as the number of board members, voting rights and “the buying process.”
It’s possible Son would invest in both of the rivals, although he didn’t mention that Monday. He backed China’s ride-hailing giant Didi Chuxing before starting the talks with Uber. He also put money into India’s e-commerce leader, Flipkart Online Services Pvt, after taking an early stake in competitor Snapdeal. Bloomberg
- Fortis Healthcare investors oust fourth director from board
- Hindustan Copper, CMDC form JV for mining operations in Chhattisgarh
- Motherson Sumi Q4 profit up 7.32%, dividend of Rs2.25 per share declared
- HPCL Q4 profit dips 4% on lower refining margin
- F-16 fighter jet production can make India an export hub: Lockheed Martin