Goldman Sachs, Kyocera to Announce `Joint Project' on Friday
Tokyo, Jan. 5 (Bloomberg) -- Goldman Sachs & Co., the top
arranger of Japanese takeovers last year, said it will announce a
``joint project' on Friday with Kyocera Corp., the main
shareholder in what will become Japan's second-largest telephone
company in October.
Henry Paulson, chairman of Goldman Sachs Group Inc., and
Kyocera President Yasuo Nishiguchi will attend the news
conference, scheduled for 4 p.m. local time in Tokyo. A Goldman
Sachs spokeswoman in Tokyo declined to comment on the project.
Kyocera will have a 15.8 percent stake in a new company
owned by DDI Corp., which will be Japan's biggest provider of
international phone services and have a nationwide cellular phone
network. DDI agreed to buy rivals KDD Corp. and IDO Corp. for
about $26 billion in stock and assumed debt in Japan's largest
corporate takeover.
Goldman Sachs advised DDI on the takeover.
Kyocera Honorary Chairman Kazuo Inamori, who founded DDI and
is Kyocera's biggest shareholder, will also be present, according
to a press invitation. Inamori and a foundation in his name own
about seven percent of Kyocera, a stake valued at $3 billion.
Robert Delaney and Michiya Nagai will also attend the media
conference. Delaney is in charge of Goldman's direct investment
business in Japan, and Nagai also works in that department.
Kyocera shares fell 2,000 yen or 8.2 percent to 22,500 today
as Japan's broad Topix stock index took its biggest tumble in 15
months on concern the Federal Reserve may raise interest rates
more than expected to combat inflation. Shares in the Kyoto-based
maker of mobile phone handsets and components more than tripled
in 1999.
Kyocera also declined to comment on the project. |
