Hong Kong (CNN Business)SoftBank CEO Masa Son has taken a page out of Warren Buffett’s playbook, sending the Japanese company’s shares soaring.
Shares in SoftBank Group (SFTBY) spiked nearly 18% in Tokyo on Thursday after the company announced it would buy back as much as 600 billion yen ($5.5 billion) of its own shares in the next year.
“We like this plan,” Atul Goyal, an analyst at investment bank Jefferies, said in a note to clients Wednesday. “We have long argued that Softbank must take cues from Berkshire Hathaway.” Buffett’s company has a policy to buy back its shares if the price falls below a certain level.
