Rakuten Inc.'s voting rights in Tokyo Broadcasting System Inc. that are to be placed in trust will remain frozen as long as the two companies continue business tieup talks beyond April, according to sources.
TBS and Rakuten are to conclude a formal contract on the deal early this week, the sources said.
The firms will possibly hold their first meeting Tuesday to discuss a business tieup, TBS President Hiroshi Inoue said Friday.
The meeting, initially set for two weeks ago, has been postponed due to a delay in placing part of Rakuten's stake in TBS in trust.
The two companies agreed late last month to put on hold their battle over the online shopping mall operator's attempt to forge a merger with the broadcaster, setting the stage for negotiations on a business tieup.
"We will definitely have Rakuten place the stakes in trust," Inoue said, adding he he expects the talks to lead to "a positive outcome."
As part of the November accord, Rakuten will place about half of its 19.09 percent stake in TBS in a trust managed by Mizuho Trust & Banking Co. as a way of reducing its voting rights in the broadcaster. Rakuten has also pledged not to increase its stake while the tieup talks are under way.
The participants in the first round of talks are expected to include Rakuten President Hiroshi Mikitani and TBS Director Kenichiro Kidokoro.
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