BT is Expected to Sell J-Phone Stake

The debt laden BT, which last week replaced its chairman is understood to be close to selling its holding in the Japanese cell phone network, J-Phone to Vodafone, for over US$3.5 billion. Only two weeks ago, Japan Telecom gave BT an option to increase its stake in J-Phone, and the option is transferable, so we will have to wait and see if this rumoured sale is for just the existing shareholding, or includes the future stock options. If BT does sell its holding, then Vodafone's holding in Japan Telecom will rise from 25% to 45%, and its 26% holding in J-Phone will rise to 46%, giving it effective control of the cellular network."

Posted to the site on 1st May 2001