The president of KDD Co. announced that the country's leading international telecommunications carrier has been unable to reach a formal merger agreement with Teleway Japan Corp., a domestic long-distance carrier, by the self-imposed deadline of April 30.
"Although we have negotiated until the end of April, we have not reached a final agreement yet," said Tadashi Nishimoto. "We will restart the negotiations after the coming holidays."
Asked whether Toyota Motor Corp., which is a parent company of Teleway, is the cause of the delay, Nishimoto declined to comment. The two carriers exchanged a memorandum in November to exchange a formal merger contract by the end of April.
Meanwhile, Nishimoto welcomed the passage of a bill April 30 that includes the abolition of a KDD-related law, saying it will enable the carrier to swiftly respond to market needs.