CLOSE AD
Advertisement
logoSections

Yahoo Japan shares surge

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.

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

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

SHOW ALL
Advertisement
Twitter Olympics Feed