Fubon Financial delays Jih Sun acquisition to Q1 taipeitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from taipeitimes.com Daily Mail and Mail on Sunday newspapers.
Fubon Financial looks to acquire Jih Sun
By Kao Shih-ching / Staff reporter
Fubon Financial Holding Co (富邦金控) yesterday announced that it plans to acquire at least a 50 percent stake in Jih Sun Financial Holding Co (日盛金控) via a public tender offer valued at NT$24.53 billion (US$861 million), the first merger or acquisition of a financial holding company in the nation.
Fubon eventually aims to fully acquire Jih Sun, in a deal that would cost NT$49.04 billion.
Fubon said it had received approval from the Financial Supervisory Commission (FSC) to proceed with the deal.
It is preparing to file another application with the nation’s competition watchdog, the Fair Trade Commission (FTC), company spokeswoman Sophia Wang (王瑋) told a news conference in Taipei.