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TOKYO - Vodafone Group plc has become the third-largest player in the Japanese market as a result of its successful bid for control of Japan Telecom Co. through a public tender.
The British mobile phone giant announced a "friendly" offer in September for 21.7% of Japan Telecom, owner of the fast-growing J- Phone Group wireless operator.
The offer closed Oct. 11, with the Vodafone bid attracting offers of 1.3 million ordinary shares - 63% more than the number needed to give Vodafone a controlling interest. Before announcing the tender offer, Vodafone had already built up a 45% stake in Japan Telecom through a series of transactions starting in December 2000.
Vodafone CEO Christopher Gent said the day the bid was announced that the company would accept no shares above the number needed to give it...