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Softbank offers US govt director veto at Sprint - report

2013-05-23 10:17:00| Telecompaper Headlines

(Telecompaper) Softbank has agreed to give the US government the right to approve one of the board directors at Sprint, in an attempt to ease security concerns over its proposed takeover of the operator, the Wall Street Journal reports. That director will be responsible for overseeing national security issues. People familiar with the matter said the government is also seeking the right to approve some of Sprint's equipment purchases and wants the removal of Chinese gear from Sprint affiliate Clearwire's network. Softbank is still in negotiations with the government over the concessions. Sprint shareholders are set to vote on the USD 20 billion takeover 12 June. Softbank CEO Masayoshi Son previously told House Intelligence Committee Chairman Mike Rogers that he would not use Chinese equipment on the Sprint networks. This step could cost the company up to USD 1 billion, according to the paper's sources.

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