Shinsei, Aozora Banks' Top Holders Oppose Merger - Report
30 April 2009 - 2:11AM
Dow Jones News
A proposed merger between Japan's Shinsei Bank Ltd. (8303.TO)
and Aozora Bank Ltd. (8304.TO) might not take place because the
two's biggest shareholders oppose the plan, Jiji Press reported,
without citing sources.
Both Shinsei's lead shareholder, J.C. Flowers & Co., and
Aozora's top shareholder, Cerberus Capital Management L.P., opposed
the plan because they didn't think that bringing together the two
midsized banks would boost profitability much, the Japanese news
agency reported on its Web site.
The two banks will continue trying to convince its shareholders
but will also explore other tie-up and cooperation possibilities
other than a merger, Jiji reported.
A person familiar with the matter said Saturday that the two
banks are in talks to merge to create Japan's sixth-largest bank
with assets of more than Y18 trillion ($190 billion).
-Tokyo bureau, Dow Jones Newswires, 813-6895-7550