Softbank buying 40% of China Internet firm -Nikkei

TOKYO, April 30 (Reuters) - Japan's Softbank Corp (9984.T: Quote, Profile, Research, Stock Buzz) is buying a roughly 40 percent interest in Chinese Internet firm Oak Pacific Interactive for about 40 billion yen ($384 million), the Nikkei business daily said on Wednesday.

The Japanese Internet and telecom company would become Oak Pacific's top shareholder, and Softbank president Masayoshi Son is expected to become a director at Oak Pacific, the paper said.

Softbank, which aims to be Asia's biggest Internet company, now holds a 14 percent stake in Oak Pacific that it bought for about 10 billion yen, and also holds equity warrants, the Nikkei said.

Beijing-based Oak Pacific operates a social networking site for students, with about 22 million members. ($1=104.06 Yen) (Reporting by Mayumi Negishi)