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SoftBank offer for Uber shares to cut valuation: reports
by Staff Writers
Washington (AFP) Nov 28, 2017


An investment offer from Japanese tech giant SoftBank for a stake in Uber is being made at a 30 percent cut from the ridesharing giant's lofty valuation, media reports said.

The reports from the Wall Street Journal and other outlets said SoftBank's investment would come at a big discount to Uber's latest valuation of $68 billion, which makes it the world's most valuable venture-backed startup.

The two companies earlier this month announced an agreement for SoftBank to lead a $1 billion investment, and to open discussions with existing stakeholders to buy up to 14 percent of Uber shares.

The Journal, citing anonymous sources, said SoftBank and its partners would use a valuation base of $48 billion but could raise the offer it if fails to get 14 percent of Uber shares.

Uber and SoftBank did not respond to AFP queries.

The investment comes as Uber is in the midst of turmoil as it seeks to move past a series of scandals and missteps including executive misconduct, a toxic work atmosphere and potentially unethical competitive practices.

New chief executive Dara Khosrowshahi has vowed to fix the company's work culture and business practices as it moves toward a public stock offering in 2019.

dt/rl/jm

SOFTBANK

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Norway puts brakes on plans for 'Tesla tax'
Oslo (AFP) Nov 23, 2017
Norway, a world leader of zero-emission vehicles, has abandoned plans for a proposed "Tesla tax", a controversial measure that would have cut a tax rebate granted to heavy electric cars. Plans for the tax, which was to have entered into force in 2018, were halted after a budget compromise was reached between the right-wing government and its centre-right allies, which they presented on Wedne ... read more

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