West Japan Railway Co. and Kyushu Railway Co. announced Thursday that they will sell their stakes in Japan Telecom Co. to the Vodafone Group of Britain, which is attempting to take over Japan's No. 3 telecommunications firm.
A spokesman for Central Japan Railway Co. (JR Tokai) said his company is also considering Vodafone's bid.
JR West holds 1.6 percent of Japan Telecom's outstanding shares and is the company's third-largest stakeholder.
JR Tokai and JR Kyushu each hold 1.2 percent of the firm's outstanding shares and are the joint fourth-largest stakeholders.
The Vodafone Group, which currently owns 45 percent of Japan Telecom, launched the takeover bid last week to raise its stake to 66.7 percent.
JR West said it will sell off its stake for 22.8 billion yen to reduce long-term interest-bearing debts worth 1.27 trillion yen.
East Japan Railway Co., which is Japan Telecom's second-largest stakeholder with 15.2 percent, has already accepted Vodafone's tender offer, which is effective until Oct. 11.
Transport ministry officials indicated the ministry will approve the transactions once the JR companies notify it of their plans to sell the shares. JR companies are required to gain government approval before selling off "important assets."