Yahoo Japan shares surge

Comment on this story


Yahoo Japan1

Reuters.

A website of Yahoo Japan is seen on a computer screen in Tokyo in this file picture.

Tokyo - Shares in Internet giant Yahoo Japan surged in Tokyo on Tuesday after it cancelled plans to buy domestic telecom company eAccess from its parent SoftBank in a $3.2 billion deal.

The stock jumped 11.67 percent to close at 459 yen, after it rose nearly 15 percent in early trading.

In March, Yahoo's Japanese unit - whose top shareholder is SoftBank - announced the deal which it said was aimed at growing the firm's Internet services business through smartphones and tablets.

But on Monday, Yahoo Japan said it had called off the merger after concluding it was more effective to operate the two firms independently.

The deal had been scheduled to be completed in early June, when eAccess is set to merge with telecom company Willcom, also a member of the SoftBank group.

That deal is still scheduled to go ahead. - Sapa-AFP


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks