Shares in Japan’s SoftBank rose as much as 2.3 per cent in afternoon trading on Wednesday after the company said it was making an all-cash offer for US investment firm Fortress Investment Group.

The Japanese telecoms and internet group has offered $3.3bn to acquire Fortress under an all-cash offer for $8.08 per class-A share. The deal comes as Softbank is preparing to launch a $100bn technology fund in a bid to create the “Berkshire Hathaway of tech”.

The benchmark Topix index is currently up 1 per cent.

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