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Vodafone clinches Japan telecom stake

Vodafone has confirmed its acquisition of a 15 per cent share in Japan Telecom, paying Y249.2bn (£1.5bn).

By Ben King

Published: 20 December 2000 16:03 GMT

At Y2.6m (£15,700) per share, this represents a 14 per cent premium over Japan Telecom's closing price trading in Japan today.

Japan Telecom currently holds a 54 per cent stake in J-phone, the country's third largest mobile operator. Vodafone owns 26 per cent of J-phone, while BT owns 20 per cent.

Analysts expect the new acquisition could lead to a bidding war between Vodafone and BT, for the 15 per cent of Japan Telecom owned by AT&T, widely expected to be put up for sale next year.

The deal is seen as part of Vodafone's plan to strengthen its toehold in Japan as the country has a massive strategic importance. Japan will be the first country to introduce 3G networks, and Vodafone is thought to be eager to gain early 3G experience.

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