Sumitomo: J:Com won't be subsidiary

Japanese bidder would keep cable co. independent

TOKYO -- Sumitomo Corp said it is not aiming to make Jupiter Telecommunications a subsidiary and would have the cable TV firm remain an independent listed company.

Sumitomo Corp managing executive officer Yoshio Osawa made the remark at a news conference on Monday.

Sumitomo said earlier on Monday it will launch a 122.1 billion yen ($1.4 billion) tender offer to raise its stake in Japan's largest cable television firm to 40%, potentially derailing a rival bid by telecoms firm KDDI.