June 30, 2020 / 6:45 AM / 6 days ago

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, Japan, Nov. 5, 2018. REUTERS/Kim Kyung-Hoon/File Photo

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

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