Friday, August 24, 2001
4 J-Phone Companies To Merge
LONDON (Dow Jones)--U.K. telecommunications company Vodafone Group PLC
said Friday that in a move to create a unified structure for the J-Phone
operations in Japan, the four J-Phone companies have agreed to merge.
The four companies to merge are J-Phone Communications Co. Ltd., J-Phone
East Co. Ltd., J-Phone Central Co. Ltd. and J-Phone West Co. Ltd.
Under the terms of the merger, a J-Phone East shareholder will received
0.566 shares of J-Phone Communications for each share held; J-Phone
Central shareholders will receive 0.470 shares of J-Phone Communications
for each share held; and J-Phone West shareholders will receive 0.470
J-Phone Communication shares for each share held.
The new company will be renamed J-Phone Co. Ltd.
Following the merger, Japan Telecom (9434) will own 45.05% of J-Phone
Co., Vodafone will own 39.67% and other shareholders will hold the
remainder.
Vodafone's total holding in J-Phone Co. will remain at about 60%, as it
holds 20.3% indirectly through its shareholding in Japan Telecom.
The J-Phone Co. board will comprise 13 members, of which six will be
appointed by Vodafone.
Vodafone has already nominated Darryl E. Green as the new president.
Green is currently president of Asia Global Crossing Japan.
Christopher Gent, Vodafone's chief executive, said the merger will
create a "stronger national competitor and promises to generate
significant synergy benefits and efficiency gains." Further information
on these, however, was not provided.
Earlier this month Vodafone dismissed press reports that it was in talks
to boost its stake in J-Phone Communications.
The reports suggested that Vodafone may seek to swap its shares in Japan
Telecom for a larger stake in J-Phone.
"Japan Telecom and Vodafone are working together to look at how to make
the J-Phone companies more effective - a merger of these companies could
be one of the possibilities," a Vodafone spokesman said at that time.
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Received on Fri Aug 24 10:21:55 2001