Monex and DLJdirect merger talks on hold - Reuters
31 May 2002 | 2174 views | 0
Japanese Internet broker Monex has halted merger talks with DLJdirect SFG Securities, the online brokerage set up by Credit Suisse First Boston and Sumitomo Mitsui Banking Corp, according to a Reuters report.
A spokesman for Monex told Reuters: "We have been considering a merger but have yet to reach any final agreement on merger conditions, so we have decided to put the idea on hold."
The deal, which would have created Japan's largest online broker with some 318,000 accounts, is rumoured to have broken on conflicting management ideas.
According to the Reuters report, Monex president Oki Matsumoto emphasises that the suspension of talks does not mean the two sides have completely scrapped the idea and there is still a chance negotiations will resume.
Following the news, shares in Monex fell 7.6 per cent to Y27,359.