A day after the Competition Bureau cleared Maple Group Acquisition Corp.’s bid to consolidate the Canadian trading business by acquiring TMX Group Inc. (TSX:X), Japanese regulators did the same for a proposed merger of its two main exchanges.
The Japan Fair Trade Commission (JFTC) said Thursday that it will not block Tokyo Stock Exchange Group, Inc.’s (TSE) proposed takeover of Osaka Securities Exchange Co., Ltd. (OSE), which was first announced in November last year, and submitted to a review by the JFTC in January.
With this approval, the TSE says it will promptly commence a takeover bid for OSE shares, and that they will conclude a merger agreement and seek shareholder approval. The exchanges are aiming to complete the deal on January 1, 2013.
“We will continue working toward the business combination to strengthen our presence as a global financial center, increase convenience for market users, and also contribute to raising the competitiveness of the Japanese financial and capital market in our efforts to revitalize the Japanese economy,” said Atsushi Saito, president & CEO of the TSE.