By Justin Madubuko, 11 September 2001 07:50
NEWS Vodafone has taken another step towards to streamlining its Japanese operations after shareholders in three of the company's mobile subsidiaries agreed to merge with parent company, J-Phone. Vodafone will maintain a 60 percent stake in Japan's third biggest operator, following a series of all-share transactions. The UK-based company will hold 39.7 percent directly, with further interest held through its 45 percent stake in Japan Telecom, another J-Phone shareholder. Shareholders yesterday at meetings between J-Phone and its three operating subsidiaries approved the transaction. The merger remains subject to regulatory approval, but is due to become effective as of November 1 2001.
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