[Vodafone's payment of US$2.5bn in cash reported to be the second largest investment in a Japanese company by a foreign investor]

by Michiyo Nakamoto in Tokyo and Dan Roberts in London -- "Vodafone has agreed to buy 15 per cent of Japan Telecom, Japan's third largest telecommunications operator, as part of a strategy to take majority control of J-Phone, JT's fast-growing mobile phone subsidiary. Vodafone would pay approximately $2.5bn (E2.9bn) in cash for the stake.

"The deal, expected to be announced next week, is likely to shake up the Japanese mobile phone market, which is dominated by NTT DoCoMo. It would be the second largest investment in Japan by a foreign company.

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