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Sprint shares drop more than 8% on report that Softbank is calling off talks with T-Mobile

The merger negotiations to combine Sprint and T-Mobile are in jeopardy, according to a Nikkei report Monday.

"SoftBank Group plans to break off negotiations on a merger between subsidiary Sprint and T-Mobile US amid a failure to agree on ownership of the combined entity," the Japanese financial news agency said.

Sprint shares dropped more than 8 percent, while T-Mobile stock dropped 3.6 percent after the report.