The Tokyo Stock Exchange Inc. and Osaka Securities Exchange Co. will merge their operations by January 2013, with a move that will create the third-largest securities exchange globally in terms of market capitalization of its listings.
The deal will see the Tokyo Stock Exchange pay 480,000 yen ($6,230.21) for each Osaka Stock Exchange share, which closed at ¥421,000 a piece Monday on the Jasdaq. The Osaka exchange will retain its public listing following the merger.
Shareholders in the Osaka exchange will also receive shares in the Tokyo exchange as part of the deal. The two exchanges cited costs savings of ¥7 billion a year from integrating their trading systems as part of the rationale for the consolidation. Osaka Securities Exchange traded up 3.7% at 436,500 in afternoon trade on the Jasdaq. (source:marketwatch)
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