Sumitomo Corp is planning to launch a US$1.4bn offer for a stake of around 13% in Japanese cable firm Jupiter Telecom (J:Com).
The trading company confirmed in a statement that it would be looking to increase its stake in the company to 40%, which could…
Sumitomo Corp is planning to launch a US$1.4bn offer for a stake of around 13% in Japanese cable firm Jupiter Telecom (J:Com).
The trading company confirmed in a statement that it would be looking to increase its stake in the company to 40%, which could derail KDDI’s attempts to buy a 37.8% stake in J:Com for US$4bn from Liberty Global.
Sumitomo, advised by Goldman Sachs, is aiming to become J:Com’s largest shareholder with a right to veto key decisions.
Due to an investigation into the legality of the proposed KDDI deal by Japanese financial regulators, KDDI altered its offer, now bidding for 31% for the same price.
KDDI is being advised by UBS, while JPMorgan is advising Liberty Global.
J:Com said that it will announce a decision following consideration of the offers.
