Taiwan's financial conglomerates Shin Kong, Taishin propose merger again

CTBC Financial Holding Co

22/08/2024 14:24

TAIPEI, Aug 22 (Reuters) - Taiwanese financial
conglomerates Shin Kong  2888.TW  and Taishin  2887.TW  said on
Thursday they planned to merge, a long mooted proposal first
considered two decades ago.
    The merger would happen through a stock swap, under which
0.6022 of a Taishin share would be allocated in exchange for one
Shin Kong share, the companies said in a statement.
    The companies will put the proposal to their shareholders on
Oct. 9 and then set a date for the merger after receiving
regulatory approval, they said.
    The merger will make them Taiwan's fourth-largest financial
service provider based on assets, according to the companies.
    Shin Kong and Taishin first had merger talks in 2002, and
speculation has swirled ever since about the two coming
together.
    However, rival CTBC Financial  2891.TW  said on Tuesday, in
a surprise announcement, that it wished to acquire Shin Kong
through an open purchase of the company's shares on the stock
market.

 (Reporting by Emily Chan and Ben Blanchard; Editing by Shounak
Dasgupta)
 ((ben.blanchard@thomsonreuters.com))