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Mitsubishi Tokyo Fin. Gro (MTF) Message Board

  • sedonalivin sedonalivin Aug 4, 2004 9:20 AM Flag

    The Plot Thickens!!

    Looks like MTF may have gotten a little ahead of themselves on this one, their word has been their Bond in Japan since we were smashing rocks to start a fire,

    Associated Press
    Court Bars UFJ From Pursuing Merger Talks
    Wednesday August 4, 8:02 am ET
    By Kozo Mizoguchi, Associated Press Writer
    Court Bars UFJ From Pursuing Merger Talks With Mitsubishi Tokyo, Opening Door for Rival

    TOKYO (AP) -- A Japanese court on Wednesday reaffirmed its order to bar megabank UFJ Holdings Inc. from pursuing merger talks with Mitsubishi Tokyo Financial Group Inc., opening the door for a rival suitor to renew its bid for a unit of the ailing bank.

    UFJ, Japan's fourth-largest banking group, pledged immediately to appeal to a higher court.

    "This is an extremely unjust ruling. We will soon take necessary procedures to appeal to the Tokyo High Court," said UFJ spokesman Akihiro Furutani.

    The Tokyo District Court reaffirmed an injunction it issued last week for UFJ to drop merger negotiations with Mitsubishi Tokyo, which would have created the world's largest bank, said court spokesman Makoto Murayama.

    The Sumitomo Trust and Banking sought to block the talks, saying they violated an agreement made in May to buy Osaka-based UFJ's trust banking operations.

    UFJ and Mitsubishi Tokyo were ordered last week to halt talks by the Tokyo District Court, acting on the request of Sumitomo Trust.

    Presiding judge Hiroaki Ohashi on Wednesday rejected UFJ's appeal to lift the court injunction. The ruling prohibits UFJ from pursuing negotiations other than those it had begun earlier with Sumitomo Trust.

    Wednesday's court ruling also prohibits UFJ from exchanging information -- on its trust banking unit or otherwise -- with any other party besides Sumitomo Trust, effectively barring it from pressing ahead with merger talks for its other banking units.

    "We consider the latest court a fair and appropriate judgment that guarantees our company's sole right to negotiate," Sumitomo Trust said in a statement.