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...from UFJ HOLDINGS and MITSUBISHI TOKYO FINANCIAL GROUP finalized their merger agreement after a three-week legal battle over the details of the deal. Barring a hostile takeover bid by rival SMFG, the marriage of the two giants will create the world's largest bank, with more than $1.7 trillion in assets. Now the tough part: fixing UFJ's long-beleaguered business...
...December 2000, British rival Lloyds TSB offered €27 billion for Abbey, but the takeover was blocked by British competition authorities, who prefer to see multiple players in the €6.5 trillion U.K. banking sector. What is certain is that banks everywhere will be watching to see how Santander's Abbey acquisition, which still needs shareholder approval, pans out. No one in Europe has more experience of bank deals than Botín, 69, who built Santander into a Spanish giant by two tie-ups in his home market. Santander is also heavily invested in Latin America, where...
...next 15 years. "This will require a lot of money," Birol says. In a report on energy investments issued last fall, the IEA said Europeans would have to invest $1.3 trillion over the next 30 years. The problem used to be that prices were too low, averaging €25-€30 per MW-h, so building new plants didn't make economic sense. Prices are now up to about €35 per MW-h - still below the €40 threshold experts say is necessary to make building a new plant economic. Ian Russell, chief executive of Scottish Power, has said...
...sumo wrestling and banking, gigantism is the order of the day. At a press conference last week, officials at UFJ Holdings and Mitsubishi Tokyo Financial Group (MTFG) announced they had agreed to begin negotiating a merger that could create the world's largest bank, a monster with $1.75 trillion in assets, overshadowing Japan's Mizuho Holdings and U.S.-based Citigroup, both with approximately $1.3 trillion in assets as of March...
...typical mortgage rate will surge to 7.5% from about 6% today, says Douglas Duncan, chief economist at the Mortgage Bankers Association. In that environment, says Duncan, home sales will fall 10% and mortgage activity, including refinancings, will fall more than half, to $1.75 trillion of new loans in 2005. Nonetheless, experts say the average home price will inch higher. But there is at least one sign that real estate prices may be peaking: people are obsessed with home values, in much the same way they were with tech stocks four years ago. That's clear in a flood...