SoftBank’s Z Holdings sees Line merger slipping beyond October

FILE PHOTO: Japan's SoftBank Group Corp Chief Executive Masayoshi Son attends a news conference in Tokyo
FILE PHOTO: Japan's SoftBank Group Corp Chief Executive Masayoshi Son attends a news conference in Tokyo, Japan, Nov. 5, 2018. REUTERS/Kim Kyung-Hoon/File Photo

June 30, 2020

TOKYO (Reuters) – SoftBank’s Z Holdings Corp <4689.T> said on Tuesday the closure of its merger with messaging app operator Line Corp <3938.T> will be later than October as previously stated due to regulatory approval being delayed by the coronavirus outbreak.

Internet firm Z Holdings, formerly known as Yahoo Japan, said there no major issues affecting the deal, with the delay causing timing for a joint tender offer to slip beyond May to June.

SoftBank announced the deal last November – part of a wave of consolidation at internet firms in Japan combining to face down the threat from U.S. and Chinese rivals.

(Reporting by Sam Nussey; Editing by Kim Coghill)