Friday, September 19, 2014   

Yahoo Japan shares jump after pulling eAccess deal
(05-20 14:45)

Shares in Internet giant Yahoo Japan surged in Tokyo on Tuesday after it cancelled plans to buy domestic telecom company eAccess from its parent SoftBank Corp. in a US$3.2 billion deal.
The stock jumped 11.67 percent to close at 459 yen, after it rose nearly 15 percent in early trading, AFP reports.
In March, Yahoo's Japanese unit -- whose top shareholder is SoftBank -- announced the deal which it said was aimed at growing the firm's Internet services business through smartphones and tablets.
But on Monday, Yahoo Japan said it had called off the merger after concluding it was more effective to operate the two firms independently.
The deal had been scheduled to be completed in early June, when eAccess is set to merge with telecom company Willcom Inc., also a member of the SoftBank group. That deal is still scheduled to go ahead.   
Other Business breaking news:
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China's total loan demand dampens in Q3: survey (09-19 16:51)
Drugmaker GSK fined in China graft probe: report (09-19 16:50)
Hang Seng tracks Street gains (09-19 16:43)
Alibaba sets IPO share price at US$68 (09-19 15:39)
London stocks surge after Scotland rejects independence (09-19 15:38)
Japan downgrades economic assessment as PM promises reform (09-19 14:03)
Chinese buyers lead charge in iPhone 6 global debut (09-19 13:25)
Hang Seng dips, Shanghai gains (09-18 16:17)
Nikkei jumps on weaker yen (09-18 14:44)

More breaking news >>

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