Japanese Bourses to Merge After Bid Success
The Tokyo Stock Exchange (TSE) has succeeded in its bid to take over rival bourse, the Osaka Securities Exchange (OSX).
The TSE received offers to sell for 80 percent of OSX's shares, well above the 67 percent it was seeking to take ownership without the need for a consortium. The deal, which is worth Y130 billion (approximately $1.7 billion), will see the combined businesses tentatively named the Japan Exchange Group, according to Astsushi Saito, president and CEO at the TSE.
"Our efforts to make the Japan Exchange Group the growth engine of the Japanese economy and the financial hub of Asia that attracts global investment funds as the core exchange of a leading economic region in the world will be crucial in our ambitions to become the number one exchange in Asia," said Saito in a statement released today. "Our business combination has so far proceeded according to schedule. Following the announcement of our agreement on a business combination in November last year, we received approval from the Japan Fair Trade Commission in July and have now successfully completed our tender offer."
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