Responding to the media speculation Bill Morrow, Vodafone’s vice president Japan issued a statement to the press saying, As you know, we have been talking with J-Phone to consolidate J-Phone’s four business operations. Therefore we assume that the newspaper report has mixed up with this fact and speculated share-swap talks.
Any move by Vodafone to take control of J-Phone would have a resulted in Vodafone having to add J-Phone’s debt mountain to its own currently shrinking pile.
