British mobile giant Vodafone Group PLC will try to increase its stake in Japan Telecom Co, spending as much as ?312 billion (US$2.7 billion) to become the majority shareholder in Japan's third-largest telecommunications company, both sides said yesterday.
Vodafone hopes to increase its holdings in Japan Telecom from 45 percent to 66.7 percent, acquiring up to 693,368 shares. Vodafone, Japan Telecom and East Japan Railway, a 15.2 percent shareholder in Japan Telecom, said they agreed to Vodafone's offer.
``We view a strong presence in the Japanese market as an essential part of our global strategy,'' Vodafone chief executive Christopher Gent said in Tokyo.
The closer ties between Vodafone and J-Phone Group, Japan Telecom's mobile phone unit, will help boost J-Phone's competitive edge in the Japanese market, Gent said. Vodafone views the Japanese wireless market as lucrative because of its advanced technology and its solid profitability compared to Europe.
East Japan Railway Co said it intends to tender 319,524 Japan Telecom shares, or 10 percent of the outstanding shares.
Vodafone said it is offering ?450,000 (US$3,800) per share, 29 percent higher than the ?350,000 (US$3,000) close on the Tokyo Stock Exchange Wednesday. The offer will begin Friday and last until Oct. 11. It is expected to be completed by Oct. 26.
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