Japan Court Clears Way for Full UFJ Takeover
Japan’s Supreme Court ruled that troubled bank UFJ Holdings Inc. can pull out of a deal to sell its trust business to a smaller rival, clearing the way for a full takeover of UFJ by larger rival Mitsubishi Tokyo Financial Group Inc.
The court rejected an appeal by Sumitomo Trust & Banking Co., which had agreed in May to buy the trust unit from UFJ. The ruling also comes as a blow to Sumitomo Mitsui Financial Group, which is seeking to take over UFJ for itself and has launched an unsolicited bid for the bank.
The ruling allows UFJ to include its trust business in the proposed merger with Mitsubishi Tokyo, a union that would create the world’s biggest bank, with $1.7 trillion in assets.
Although the decision gives UFJ a free hand to deal with Mitsubishi Tokyo, Sumitomo Mitsui showed no sign of giving up its fight for the smaller bank.
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