The Supreme Court on Monday gave the go-ahead to merger negotiations between UFJ Holdings Inc. and Mitsubishi Tokyo Financial Group Inc. that would create the world's largest banking group.
Presiding Judge Toyozo Ueda turned down an appeal by Sumitomo Trust & Banking Co. against a Tokyo High Court decision Aug. 11 that quashed a ban imposed by the Tokyo District Court on UFJ discussing the sale of UFJ Trust Bank with MTFG.
"It cannot be said that Sumitomo Trust will suffer from considerable damage or be exposed to imminent danger unless merger talks (between UFJ and Mitsubishi Tokyo) are suspended," Ueda said.