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Rakuten to merge with own subsidiaries

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Rakuten to merge with own subsidiaries

Rakuten Inc. said July 27 that it will execute an absorption-type merger with its wholly owned subsidiaries Golden Eagles I Inc. and Handa Kikaku Corp. to improve the units' efficiency and reduce maintenance and management costs.

Golden Eagles and Handa both manage copyrights, neighboring rights, design rights, trademark rights, industrial property rights and service domains.

Effective Sept. 14., the subsidiaries will be dissolved. The Japanese internet service provider said there will be no payment, no issuance of new shares or increase in shareholders' equity.

Rakuten said it will proceed with the merger without requiring shareholder approval, adding that the merger's impact on the group's consolidated financial performance is limited.

Meanwhile, the company disclosed in a separate same-day release that it appointed Shunsuke Konno as the company's new executive officer for its global ad division.