AGL 40.01 Decreased By ▼ -0.20 (-0.5%)
AIRLINK 127.00 Decreased By ▼ -0.64 (-0.5%)
BOP 6.69 Increased By ▲ 0.02 (0.3%)
CNERGY 4.51 Increased By ▲ 0.06 (1.35%)
DCL 8.64 Decreased By ▼ -0.09 (-1.03%)
DFML 41.04 Decreased By ▼ -0.12 (-0.29%)
DGKC 85.61 Decreased By ▼ -0.50 (-0.58%)
FCCL 33.11 Increased By ▲ 0.55 (1.69%)
FFBL 66.10 Increased By ▲ 1.72 (2.67%)
FFL 11.55 Decreased By ▼ -0.06 (-0.52%)
HUBC 111.11 Decreased By ▼ -1.35 (-1.2%)
HUMNL 14.82 Increased By ▲ 0.01 (0.07%)
KEL 5.17 Increased By ▲ 0.13 (2.58%)
KOSM 7.66 Increased By ▲ 0.30 (4.08%)
MLCF 40.21 Decreased By ▼ -0.12 (-0.3%)
NBP 60.51 Decreased By ▼ -0.57 (-0.93%)
OGDC 194.10 Decreased By ▼ -0.08 (-0.04%)
PAEL 26.72 Decreased By ▼ -0.19 (-0.71%)
PIBTL 7.37 Increased By ▲ 0.09 (1.24%)
PPL 153.79 Increased By ▲ 1.11 (0.73%)
PRL 26.21 Decreased By ▼ -0.01 (-0.04%)
PTC 17.18 Increased By ▲ 1.04 (6.44%)
SEARL 85.60 Decreased By ▼ -0.10 (-0.12%)
TELE 7.57 Decreased By ▼ -0.10 (-1.3%)
TOMCL 34.39 Decreased By ▼ -2.08 (-5.7%)
TPLP 8.82 Increased By ▲ 0.03 (0.34%)
TREET 16.82 Decreased By ▼ -0.02 (-0.12%)
TRG 62.55 Decreased By ▼ -0.19 (-0.3%)
UNITY 27.29 Decreased By ▼ -0.91 (-3.23%)
WTL 1.30 Decreased By ▼ -0.04 (-2.99%)
BR100 10,112 Increased By 26 (0.26%)
BR30 31,188 Increased By 17.5 (0.06%)
KSE100 94,996 Increased By 232 (0.24%)
KSE30 29,481 Increased By 71 (0.24%)

Japan's Sumitomo Trust & Banking is likely to apply for a court injunction to halt talks between UFJ Holdings Inc and Mitsubishi Tokyo Financial Group (MTFG) on merging their trust banking units, Japanese media reported on Sunday.
Quoting sources familiar with the matter, the Nihon Keizai newspaper (Nikkei) said Sumitomo had tentatively decided to file a lawsuit with the Tokyo District Court, seeking a court order to halt the merger negotiations.
If the court does not grant the injunction, Sumitomo could sue UFJ and its top officials for tens of billions of yen in compensation, the Nikkei said.
UFJ, Japan's fourth-largest bank, in July cancelled the sale of its trust unit to Sumitomo to pursue a rescue merger with MTFG, the nation's second-biggest bank - a deal that would create the world's biggest banking group.
Sumitomo had sought a provisional injunction in mid-July to halt part of the merger talks between UFJ and MTFG.
The Supreme Court rejected the application in late August on the grounds that Sumitomo was unlikely to suffer serious damage even if it failed to win the injunction.

Copyright Reuters, 2004

Comments

Comments are closed.