Word: nishikawa
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Dates: during 2000-2009
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...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 the past six months...
...terms of their offer. Although UFJ has said it is "prudently scrutinizing" SMFG's latest bid, analysts do not expect the MTFG deal to be aborted. "It's hard to imagine that UFJ will switch partners at this point," says Nozomu Kunishige, an analyst at BNP Paribas. Still, Nishikawa has another option: mount a hostile takeover by offering to buy out shareholders directly. On Aug. 17 he told reporters waiting outside his home that that was still a distinct possibility...