Reported 8 months ago
Peng Jinlong, Chairman of the Financial Supervisory Commission, expressed the importance of acquiring consent rather than resorting to hostile takeovers in financial mergers to obtain 100% ownership on June 17, 2024. Peng stated that while hostile takeovers may be a tactic, ultimately, financial mergers should be agreed upon willingly to ensure competitiveness, legal compliance, shareholder rights, and market stability. He emphasized the necessity of reaching mutual agreement to ensure a smooth merger process, even if initially acquiring over 10% of shares through a public bid. Peng highlighted the significance of international competitiveness for Taiwan's financial institutions and success in internationalization due to the establishment of financial holding companies over the past 20 years. He also mentioned that whilst not discussing specific cases, merging financial holding companies could be a feasible solution according to the Financial Holding Company Act, ensuring support for subsidiaries to maintain sound operations.
Source: YAHOO