Tokyo Stock Exchange Group Inc. won control of its Osaka rival, succeeding where more than $30 billion of other exchange merger bids have failed, as the country seeks to reassert its role as a financial hub for Asia.
Tokyo Stock Exchange Group Inc. will begin its tender offer for Osaka Securities Exchange Co. tomorrow even as JO Hambro Capital Management Ltd., the OSE’s third-largest shareholder, said the bourses must ensure price concerns don’t derail the deal.
The merger of Japan’s two biggest bourses won’t be derailed by the Tokyo Stock Exchange’s worst trading disruption in six years or European regulators blocking another deal last week, Osaka Securities Exchange Co. President Michio Yoneda said.
Osaka Securities Exchange Co. , the operator of Japan’s second-largest bourse, will offer an exchange-traded fund for start-ups as early as October, aiming to increase its lead over markets in South Korea and Hong Kong.
Tokyo Stock Exchange Group Inc.’s acquisition of Osaka Securities Exchange Co. is poised to gain regulatory approval, the first for a major bourse since $32 billion of global deals were vetoed in the past 14 months.
Japanese regulators approved a merger between the nation’s two biggest stock exchanges, paving the way for the first tie-up of major bourses after $32 billion of global deals failed since last February.
Tokyo Stock Exchange Group Inc. dropped plans to sell shares to the public while it is in talks to buy a controlling stake in Osaka Securities Exchange Co., a person with direct knowledge of the matter said.