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    3938   JP3966750006


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Yahoo Japan, Line to merge business to form online giant

11/17/2019 | 08:51pm EDT

TOKYO (AP) — Online services Yahoo Japan and Line Corp. have announced they are merging.

Z Holdings Corp., which owns SoftBank Corp. that operates Yahoo Japan, and Naver Corp. of South Korea, which owns a majority stake in Line said Monday they are aiming for a final agreement by next month.

The combination in a joint venture through a tender offer will form an online giant with retail services, advertising and other mobile services such as messaging.

Their combined sales would be the largest among Japanese online business operators, surpassing Rakuten Inc., according to Kyodo news service.

The companies said combining forces will allow them to stay competitive in a drastically changing market, including expansions into robotics and other new areas.

The integration will be carried out equally, according to the companies, but the price is expected to be decided in December.

A discussion had been ongoing between Naver and Z Holdings since June, they said. After a deal is completed, Line will get delisted.

The new company will seek to answer to Japan’s social needs such as a shrinking worker population and natural disasters, SoftBank said in a statement.

“Social and industrial conditions surrounding us are changing drastically and daily on a global basis,” it said, adding that Japan needs to catch up, and coming together might help.

“Particularly in the Internet market, overseas companies, especially those based in the United States and China, are overwhelmingly dominant.”

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed., source Associated Press News

Stocks mentioned in the article
ChangeLast1st jan.
SOFTBANK CORP. -2.75% 1556 End-of-day quote.20.34%
SOFTBANK GROUP CORP. -4.98% 6329 End-of-day quote.-21.46%
Z HOLDINGS CORPORATION -0.49% 734.5 End-of-day quote.17.63%
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LINE Corporation Technical Analysis Chart | 3938 | JP3966750006 | MarketScreener
Managers and Directors
Takeshi Idezawa President, CEO & Representative Director
In-Joon Hwang Chief Financial Officer & Director
Hae-Jin Lee Chairman
Eui-Bin Park Chief Technology Officer
Tsuyoshi Nakayama Chief Privacy Officer, Head-Compliance & Legal