UFJ、三菱東京の交渉中止命令 | 英語のニュース

National News

Court ruling halts negotiations to create world's largest banking group

The Tokyo District Court ordered a halt July 27 to merger talks between Mitsubishi Tokyo Financial Group (MTFG) and UFJ Holdings in a move that could kill the creation of the world's largest banking group.

The order came a day after the court finished hearing statements from UFJ and Sumitomo Trust ＆ Banking Co. The latter has said UFJ's unilateral cancellation of its plan to sell UFJ Trust Bank to Sumitomo Trust is a breach of contract.

Presiding Judge Tomonao Onizawa said that the sales accord UFJ struck with Sumitomo Trust in May is legally binding and that Sumitomo Trust would clearly suffer heavy damage if UFJ enters merger talks with a third party.

UFJ called the court order "extremely unjust" and said it will immediately appeal.

MTFG and UFJ signed a memorandum of understanding July 16 to start talks to integrate their operations during the first half of fiscal 2005. The merger would create the world's largest banking group, with total assets of ¥190 trillion, topping the ¥135 trillion of Mizuho Financial Group.

Sumitomo Trust then sought an injunction to discontinue the talks, calling the cancellation of its deal with UFJ a measure that would damage the legal grounds underpinning a free economy. (Kyodo, The Japan Times)

Shukan ST: Aug. 6, 2004

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National News Court ruling halts negotiations to create world's largest banking group The Tokyo District Court ordered a halt July 27 to merger talks between Mitsubishi Tokyo Financial Group (MTFG) and UFJ Holdings in a move that could kill the creation of the world's largest banking group. The order came a day after the court finished hearing statements from UFJ and Sumitomo Trust ＆ Banking Co. The latter has said UFJ's unilateral cancellation of its plan to sell UFJ Trust Bank to Sumitomo Trust is a breach of contract. Presiding Judge Tomonao Onizawa said that the sales accord UFJ struck with Sumitomo Trust in May is legally binding and that Sumitomo Trust would clearly suffer heavy damage if UFJ enters merger talks with a third party. UFJ called the court order "extremely unjust" and said it will immediately appeal. MTFG and UFJ signed a memorandum of understanding July 16 to start talks to integrate their operations during the first half of fiscal 2005. The merger would create the world's largest banking group, with total assets of ¥190 trillion, topping the ¥135 trillion of Mizuho Financial Group. Sumitomo Trust then sought an injunction to discontinue the talks, calling the cancellation of its deal with UFJ a measure that would damage the legal grounds underpinning a free economy. (Kyodo, The Japan Times) Shukan ST: Aug. 6, 2004 (C) All rights reserved