Tokyo / Osaka Stock Exchange Merger To Be Approved

The Japan Fair Trade Commission will give the go-ahead to the planned merger between Tokyo Stock Exchange Group Inc. and Osaka Securities Exchange Co. (8697). The commission is expected to officially approve the merger sometime this week. The TSE will launch a tender offer for the OSE as soon as the announcement is made. The merger will be completed by next January with the creation of a holding company. The combined exchange will be the 3rd largest exchange in terms of the aggregate market capitalization of the companies listed.