M&A

17 November, 2009

MUFG, MS to merge only part of Japan ops-Nikkei

TOKYO, Nov 18 (Reuters) - Japan's Mitsubishi UFJ Financial Group (MUFG) (8306.T) and Morgan Stanley (MS) (MS.N) will merge only part of the U.S. firm's Japan brokerage operation with MUFG's, revising their earlier pact, the Nikkei business daily reported on Wednesday.

Morgan Stanley's equities trading division in Japan will now remain under the U.S. investment bank's umbrella, as the two firms have agreed to change their earlier plan to merge all of their Japan securities business operations, the newspaper said.

They also plan to delay the integration of their securities operations, now excluding the trading division of Morgan Stanley, to May next year instead of March, the Nikkei said.

(Reporting by Yumiko Nishitani)

Source: http://www.reuters.com