Goodwill Group Rejects United Technology Proposal, Nikkei Says
March 24 (Bloomberg) -- Goodwill Group Inc., the Japanese staffing company whose operations were suspended by the government, rejected a business partnership proposal from United Technology Holdings Co., now its biggest shareholder, Nikkei English News reported.Goodwill had warned United Technology that if it continued to buy the staffing company's shares it would lead to confusion over the chip foundry's partnership plan, the news service reported without citing any sources. United Technology bought a 30.4 percent stake.
Goodwill President Shinichi Horii is likely to meet tomorrow with United Technology President Yoichi Wakayama, Nikkei reported.
United Technology at first sought talks with Cerberus Capital Management LP, a U.S. equity fund that is backing Goodwill's turnaround plan. The New York-based fund may have suggested that United Technology talk instead with Goodwill, the news service reported.
To contact the reporter on this story: Neil Roland in Washington at nroland@bloomberg.net