British cellular operator Vodafone Group PLC will today launch an agreed takeover bid over Japan Telecom Co. through a wholly owned subsidiary and take full control of the nation's third-largest operator with up to a 66.7 percent stake, Vodafone announced Thursday in Tokyo.
Japan Telecom will remain listed as a Japanese company after the takeover, Chris Gent, Vodafone chief executive officer, said via satellite during a news conference held in Tokyo.
Japan Telecom's fixed-line business will not be separated or sold off as speculated, Gent said. A number of initiatives need to be taken to improve Japan Telecom's relatively poor business performance, he added.