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Sprint shares race lower as Japan’s SoftBank calls off T-Mobile merger, say reports

The Sprint parent could not settle a dispute with Deutsche Telekom, it was claimed

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Sprint shares raced lower in New York

Japan’s SoftBank Group Corp (TYO:9984) is reportedly planning to break off merger talks between subsidiary Sprint Corp (NYSE:S) and T-Mobile US Inc (NASDAQ:TMUS) due to a failure to agree on ownership of the combined company.

The Sprint parent could not settle a dispute with Deutsche Telekom, T-Mobile’s European parent, regarding the control, sources said.

It will diminish SoftBank’s intended penetration of the important USA market, a strategy that includes a US$50bn investment.

Neither T-Mobile or Sprint, the US’s third- and fourth-largest carriers respectively, responded to requests for comment.

Sprint Corp (NYSE:S) shares plunged 4.73% to US$6.65 each and T-Mobile lost 3.84% to US$60.67.

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