TOKYO -(Dow Jones)- Softbank Corp. President Masayoshi Son said Friday he will double as president of Vodafone Group's Japan unit when Softbank's purchase of the mobile phone company is completed, Kyodo News reported.
Son said he will take the post "as soon as I can after going through the procedures" once the ownership of Vodafone K.K. moves to the Softbank group.
The president of the Internet services provider told reporters about the plan after attending a meeting of a Liberal Democratic Party subcommittee on telecommunications and broadcasting.
The Softbank group last month announced the acquisition of a 97.7 percent stake in Vodafone K.K. from the British parent for Y1.75 trillion in the biggest ever leveraged buyout by a Japanese company.
The acquisition will make the Softbank group Japan's third-largest telecom firm and sharpen its competitive edge against the leaders in the mobile phone sector, NTT DoCoMo and KDDI.
(END) Dow Jones Newswires "
Posted to the site on 14th April 2006
Posted to: www.cellular-news.com/story/16976.php