To: Labrador who wrote (25 ) 1/5/2000 10:43:00 AM From: LBstocks Read Replies (1) | Respond to of 45
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.