Fubon Financial Holding Co (富邦金控) yesterday received approval from the Financial Supervisory Commission for its merger with Jih Sun Financial Holding Co (日盛金控), marking the first merger-and-acquisition deal between the nation’s financial holding companies.
The approval came about two years after Fubon Financial launched a tender offer to acquire a 50 percent stake in Jih Sun Financial for NT$13 per share in December 2020, valuing the deal at NT$24.53 billion (US$782.6 million).
The merger would reduce the number of local financial holding companies from 15 to 14.
Photo courtesy of Fubon Financial Holding Co
GREEN LIGHT
Shareholders of the two companies gave the go-ahead to the deal on Nov. 5 last year at extraordinary meetings.
Shareholders in June also agreed to Fubon Financial’s offering price of NT$11.71 cash per share to fully absorb Jih Sun Financial.
Fubon Financial, the nation’s second-biggest financial holding company by assets, had increased its shareholding of Jih Sun Financial to 73.91 percent as of May 31, according to a company filing with the Taiwan Stock Exchange.
Fubon Financial president Jerry Harn (韓蔚廷) last month told investors that the firm planned to complete its merger with Jih Sun Financial by the end of this year and to complete consolidating their units next year.
CUTTING COSTS
The consolidation is expected to boost Fubon Financial’s capital efficiency and cost optimization, and allow its banking and securities businesses to expand and provide more products to customers, the company has said.
Following the transaction, Fubon Financial would be the remaining entity, while Jih Sun Financial would be delisted from the Taipei Exchange, the Financial Supervisory Commission said in a statement.
BYPASSING CHINA TARIFFS: In the first five months of this year, Foxconn sent US$4.4bn of iPhones to the US from India, compared with US$3.7bn in the whole of last year Nearly all the iPhones exported by Foxconn Technology Group (富士康科技集團) from India went to the US between March and last month, customs data showed, far above last year’s average of 50 percent and a clear sign of Apple Inc’s efforts to bypass high US tariffs imposed on China. The numbers, being reported by Reuters for the first time, show that Apple has realigned its India exports to almost exclusively serve the US market, when previously the devices were more widely distributed to nations including the Netherlands and the Czech Republic. During March to last month, Foxconn, known as Hon Hai Precision Industry
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and the University of Tokyo (UTokyo) yesterday announced the launch of the TSMC-UTokyo Lab to promote advanced semiconductor research, education and talent development. The lab is TSMC’s first laboratory collaboration with a university outside Taiwan, the company said in a statement. The lab would leverage “the extensive knowledge, experience, and creativity” of both institutions, the company said. It is located in the Asano Section of UTokyo’s Hongo, Tokyo, campus and would be managed by UTokyo faculty, guided by directors from UTokyo and TSMC, the company said. TSMC began working with UTokyo in 2019, resulting in 21 research projects,
Taiwan’s property market is entering a freeze, with mortgage activity across the nation’s six largest cities plummeting in the first quarter, H&B Realty Co (住商不動產) said yesterday, citing mounting pressure on housing demand amid tighter lending rules and regulatory curbs. Mortgage applications in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung totaled 28,078 from January to March, a sharp 36.3 percent decline from 44,082 in the same period last year, the nation’s largest real-estate brokerage by franchise said, citing data from the Joint Credit Information Center (JCIC, 聯徵中心). “The simultaneous decline across all six cities reflects just how drastically the market
Ashton Hall’s morning routine involves dunking his head in iced Saratoga Spring Water. For the company that sells the bottled water — Hall’s brand of choice for drinking, brushing his teeth and submerging himself — that is fantastic news. “We’re so thankful to this incredible fitness influencer called Ashton Hall,” Saratoga owner Primo Brands Corp’s CEO Robbert Rietbroek said on an earnings call after Hall’s morning routine video went viral. “He really helped put our brand on the map.” Primo Brands, which was not affiliated with Hall when he made his video, is among the increasing number of companies benefiting from influencer
RSS