The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Askul Corp plans to exercise its right to demand Yahoo Japan sell its 45 percent stake, escalating a public dispute between two major Japanese internet companies.
CEO Shoichiro Iwata said he intends to propose the move at a board meeting scheduled for August 1. Whether the online retailer can force a sale hinges on the interpretation of an agreement struck when Yahoo Japan, which is backed by SoftBank Group Corp, first invested in Askul.
The company is in advanced talks with at least four potential bidders for the stake, Iwata added. They include a foreign private equity firm, a Japanese industrial company, a financial institution and a local fund, the CEO added.
The dispute — a rare instance of public bickering in Japan — flared after Askul accused Yahoo Japan of violating the spirit of their agreement and its own independence by demanding the sale of internet mail-order business Lohaco.