Word: mergerism
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...MTFG currently looks like it will win the merger fight. At an Aug. 12 press conference, executives from MTFG and UFJ announced that they had agreed to consolidate, a pairing that would create the world's largest bank, with assets of $1.7 trillion, outstripping U.S.-based Citigroup and Japan's Mizuho Holdings. But Yoshifumi Nishikawa, SMFG's iconoclastic CEO, has refused to bow out gracefully. Shortly after MTFG's deal was announced, he offered to merge with UFJ in a one-for-one stock swap valued at $29 billion?a generous 30% premium to UFJ's average market value over...
...INDICATORS Rising Interest Japan's Sumitomo Mitsui Financial Group sought to scupper a merger agreement between rival banks UFJ Holdings and Mitsubishi Tokyo Financial Group (MTFG) with a $29 billion bid for UFJ. It said it would consider SMFG's offer, but would still link up with MTFG, creating the world's largest bank...
...only be the first step, a senior Russian cabinet official tells Time. Next, he says, Rosneft may mount a takeover bid against Slavneft. Russia's seventh-largest oil company is now co-owned by YukosSibneft and TNK-BP, a Russian-British holding company. But with Sibneft slowly unwinding its merger with the embattled Yukos, Sechin-led Rosneft may be in the best position to buy Sibneft's stake in Slavneft. "If Sechin can pull it off, and if he sorts it out with BP," Delyagin says, "it will spell a decisive victory for Putin. The key point is taking...
That's a reversal for a company that has spent years focused on light trucks--and, even there, idled while Ford and General Motors dominated the trend-setting hip-hop market with such SUVs as the Lincoln Navigator and the Cadillac Escalade. Until now the DaimlerChrysler merger has been known mostly for plant closures, job cuts and jet-lagged executives. Moreover, Chrysler's gambit to charge premium prices with such new products as its luxe Pacifica wagon has met with resistance from consumers. The vehicle sold poorly out of the gate, and sales improved only after Chrysler cut prices...
...however, suggests that the merger is finally paying off with a product that may generate profit growth. The 300 and other cars based on its German-inspired rear-wheel-drive platform--like the Dodge Magnum that hit dealerships in June--appear to be selling on their merits, rather than being pushed by profit-killing finance incentives. "It looks more like a Rolls-Royce or a Bentley," says John Dickens, 64, who traded in his Lexus SUV, worth $65,000 new, for a 300C at a dealership in Athens, Texas...