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Softbank Head Son to Double As President of Vodafone's Japan Unit

Posted on: Friday, 14 April 2006, 12:00 CDT

By Kyodo News International, Tokyo

Apr. 14--TOKYO -- Softbank Corp. President Masayoshi Son said Friday he will double as president of Vodafone Group Plc's Japan unit when Softbank's purchase of the mobile phone company is completed.

Son said he will take the post "as soon as I can after going through the procedures" once the ownership of Vodafone K.K. moves to the Softbank group.

The president of the Internet services provider told reporters about the plan after attending a meeting of a Liberal Democratic Party subcommittee on telecommunications and broadcasting.

The Softbank group last month announced the acquisition of a 97.7 percent stake in Vodafone K.K. from the British parent for 1.75 trillion yen in the biggest ever leveraged buyout by a Japanese company.

The acquisition will make the Softbank group Japan's third-largest telecom firm and sharpen its competitive edge against the leaders in the mobile phone sector, NTT DoCoMo Inc. and KDDI Corp.

At the LDP panel meeting, Son explained that the group has a plan to separate the operations of phone switching stations and access networks under different companies.

In a related move, Softbank and Vodafone K.K. said Friday they will continue providing their current services in the same manner, even after the Vodafone unit becomes part of the Softbank group.

There will be no changes in fee structures or subscribers' e-mail addresses for Vodafone mobile phones, they said.

The companies said they will announce new corporate and brand names once they map out the details of the new company.

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Copyright (c) 2006, Kyodo News International, Tokyo

Distributed by Knight Ridder/Tribune Business News.

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DCM, 9437, SFTBF, 9984, 9433, 9434, VOD,

Source: Kyodo News International, Tokyo

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