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Activist fund Elliott backs SoftBank’s $4.8 billion buyback plan

(Reuters) – Activist investor Elliott Management said on Friday it supports SoftBank Group Corp’s <9984.T> latest move to buy back up to $4.8 billion of its shares.

Elliott also said SoftBank would have opportunities to pursue additional buybacks following the completion of the merger between Sprint <S.N> and T-Mobile <TMUS.O>.

Earlier on Friday, SoftBank announced a plan to repurchase up to 7% of its shares as the Japanese tech conglomerate’s shares have tumbled by about a quarter in March.

(Reporting by Bharath Manjesh in Bengaluru; Editing by Arun Koyyur)

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